15 February, 2000
Inquiries: Mr Timo Koskimäki +358 9 1734 3479, Ms
Mari Suviranta +358 9 1734 3501
Harmonised Index of Consumer Prices: Ms Mari Ylä-Jarkko +358 9 1734
3310
Director in charge: Mr Jarmo Hyrkkö
Inflation 2.2 per cent in January
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 2.2 per cent in January. The rate of inflation accelerated slightly, for in December it was 2.0 per cent. Inflation was especially sustained by increases in the prices of petrol and light fuel oil and by higher dwelling prices.
In January, the price of petrol was about 18 per cent higher and that of light fuel oil about 45 per cent higher than the year before. These prices together raised inflation by about one percentage point. Increases in dwelling prices in the last quarter of last year put inflation up by 0.4 percentage points and higher rents by 0.2 percentage points. Health care charges, such as hospital and health care centre fees went up as well. The prices of alcohol and cigarettes and restaurant services also rose from January 1999 to January 2000.
The year-on-year change in consumer prices continued to be curbed by reductions in housing loan and consumer credit interest rates. The prices of mobile telephone calls, used cars and fruit also went down.
From December to January, consumer prices remained unchanged, on average, although winter sales of clothes and footwear pushed the index down by 0.4 percentage points. Health care charges and dwelling prices increased. The prices of public transport and insurance premiums also rose at the beginning of this year.
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Inflation indicators in Finland, January 2000 |
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Point figure |
Change on one year |
Change on one month |
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Consumer Price Index (1995=100) |
105.5 |
2.2% |
0.0% |
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Cost of Living Index (1951:10=100) |
1,466 |
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Each mid-month, Statistics Finland interviewers collect over 50,000 prices from approximately 2,000 outlets for the Consumer Price Index. In addition, some 600 items of price data are gathered by centralised collection.
Inflation in EU countries 1.7 per cent in December
According to the Harmonised Index of Consumer Prices, the rate of inflation in the EU Member States was 1.7 per cent in December. Inflation quickened, for in November the rate was 1.4 per cent. Inflation in the EU was fastest in Ireland, where prices rose by 3.9 per cent, and slowest in Sweden and Great Britain, at 1.2 per cent. The corresponding figure for Finland stood at 2.2 per cent. In the member countries of the EMU, consumer prices went up by 1.7 per cent in December.
The coverage of the Harmonised Index of Consumer Prices will be extended in January. Eurostat, the Statistical Office of the European Communities, will publish the Harmonised Index of Consumer Prices for January on 29 February 2000, when the Finnish index for January will also become public.
Source: Consumer Price Index 2000, January. Statistics Finland.