Published: 19 February 2021

Inflation 0.9 per cent in January

The year-on-year change in consumer prices calculated by Statistics Finland was 0.9 per cent in January. In December, inflation stood at 0.2 per cent. The commodity basket for the Consumer Price Index and the weight structure were updated at the beginning of January. The usage of total data was expanded with utility goods, such as tableware, bed linen and toys. In addition to that, new total datasets were taken into use which include sales information regarding food products, alcoholic drinks, cleaning and maintenance products, pet products and personal hygiene products.

Inflation indicators in Finland, January 2021

  Point figure Annual change (%) Monthly change (%)
Consumer Price Index 2015=100 104.2 0.9 0.3
Cost-of-living Index 1951:10=100 1987    
Harmonised Index of Consumer Prices 2015=100 104.8 1.0 0.5
Harmonised Index of Consumer Prices at Constant Taxes 2015=100 103.4 0.6 0.3

Consumer prices were raised most in January by increases in the prices of cigars, international flights, long train journeys, and detached houses from one year ago. The rising of consumer prices from one year back was curbed most by reductions in the prices of fuels, hotel rooms, vegetables, and average interest rate on housing loans. From December to January, the month-on-month change of consumer prices was 0.3 per cent, which was caused by higher prices of petrol compared to previous month.

Each mid-month, Statistics Finland's interviewers collect altogether 19,000 prices on nearly 400 commodities from approximately 2,100 outlets for the Consumer Price Index. The price data is supplemented with scanner data wherefrom 5 million individual prices are included into calculation. In addition, some 1,000 items of price data are gathered by centralised collection.

According to preliminary data, inflation in the euro area was 0.9 per cent in January

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was 0.9 per cent in January. In December, it stood at -0.3 per cent. The corresponding figure for Finland was 1.0 per cent in January.

The Harmonised Index of Consumer Prices does not include owner-occupancy, games of chance, interests on consumption and other credits, fire insurance on owner-occupied dwellings, the vehicle tax or fishing and hunting fees. The consumption items included in the Harmonised Index of Consumer Prices, as well as the rules governing its compilation, have been defined in EU regulations.

Eurostat’s estimate of inflation in the euro area is based on preliminary data from the Member States and on the price development of energy. Eurostat will publish detailed data on Harmonised Indices of Consumer Prices for January on 23 February. Information of inflation in EU countries is available on Eurostat homepage , (http://ec.europa.eu/eurostat/web/main).

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 0.6 per cent in January

The year-on-year change in the Harmonised Index of Consumer Prices stood at 1.0 per cent in January and that in the Index at Constant Taxes measuring market inflation at 0.6 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.4 percentage points. In January, taxes on alcoholic beverages, tobacco and fuels were raised. The month-on-month change in the Harmonised Index of Consumer Prices was 0.5 per cent and that in the Index at Constant Taxes 0.3 per cent in January.

Harmonised Index of Consumer Prices at Constant Taxes

In the Index at Constant Taxes, the impact on inflation from changes in the value added tax and other commodity taxes has been eliminated by keeping the taxes constant relative to the index base period. The Index measures market inflation or the change in prices caused by reasons other than changes in commodity taxes. The price impact of the tax changes is obtained by comparing the development of the Harmonised Index of Consumer Prices and the Index at Constant Taxes.


Source: Consumer Price Index, Statistics Finland

Inquiries: Kristiina Nieminen 029 551 2957, Hannele Markkanen 029 551 3358, khi@stat.fi

Head of Department in charge: Hannele Orjala

Publication in pdf-format (435.3 kB)

Reviews
Tables

Tables in databases

Calculators

Appendix tables

Figures

Updated 19.2.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer price index [e-publication].
ISSN=1799-0254. January 2021. Helsinki: Statistics Finland [referred: 3.3.2021].
Access method: http://www.stat.fi/til/khi/2021/01/khi_2021_01_2021-02-19_tie_001_en.html