14 July, 2000
Inquiries: Mr Timo Koskimäki +358 9 1734 3479, Ms
Mari Suviranta +358 9 1734 3501
Harmonised Index of Consumer Prices: Mr Timo Koskimäki +358 9 1734
3479
Director in charge: Mr Jarmo Hyrkkö
Inflation accelerated to 3.5 per cent in June
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 3.5 per cent in June. Inflation quickened, for in May the rate was 2.9 per cent. The quickening was especially caused by increases in the price of petrol. The rate of inflation was last this high towards the end of 1991.
The direct impact of higher petrol and light fuel oil prices on inflation amounted to 1.3 percentage points in June. Higher dwelling prices and rents together put inflation up by 0.6 and higher housing loan interest rates by 0.2 percentage points. In addition, the costs of dwelling maintenance and repairs, as well as prices of restaurant services, alcohol and tobacco also went up in the year to June.
Inflation was curbed in June by lower prices of vegetables, used cars and mobile telephone calls.
From May to June, consumer prices went up by 0.5 per cent. This was above all due to dearer petrol. The costs of dwelling maintenance and housing loan interest rates also went up.
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Inflation indicators in Finland, June 2000 |
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|
Point figure |
Change on one year |
Change on one month |
|
|
Consumer Price Index (1995=100) |
108.2 |
3.5 % |
0.5 % |
|
Cost of Living Index (1951:10=100) |
1 504 |
||
|
Harmonised Index of Consumer Prices (1996=100) |
107.4 |
3.1 % |
0.4 % |
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 May
According to the Harmonised Index of Consumer Prices, the rate of inflation in the EU Member States was in May 1.7 per cent, i.e. the same as in April. Inflation in the EU was fastest in Ireland, at 5.1 per cent and slowest in Great Britain, at 0.5 per cent. The corresponding figure for Finland stood at 2.7 per cent in May. In the member countries of the EMU, consumer prices went up by 1.9 per cent in May.
In June, the Finnish point figure on the Harmonised Index of Consumer Prices (1996=100) stood at 107.4 and the year-on-year change at 3.1 per cent. From May to June, the index rose by 0.4 per cent. The Statistical Office of the European Communities, Eurostat, will release the EU's Harmonised Index of Consumer Prices on 18 July 2000.
Source: Consumer Price Index 2000, June. Statistics Finland