15 August, 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 3.7 per cent in July
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 3.7 per cent in July. The rate of inflation quickened slightly, for in June it was 3.5 per cent. This acceleration was particularly due to higher interest rates.
High price of petrol continued to raise inflation most in July, by 0.9 per cent. Higher interest rates put inflation up by 0.5 percentage points, as did higher dwelling prices and rents. Prices of light fuel oil, restaurant services, public transport, local calls and alcoholic beverages also rose in the year to July.
Inflation was curbed in July by lower prices of used cars, mobile telephone calls and vegetables. The price of electricity also fell.
From June to July, consumer prices remained unchanged, on average, although interest rates went up and prices of television licence, local calls and dwellings rose. On the other hand, seasonal sales lowered the prices of clothes and footwear. Prices of vegetables and petrol also went down slightly.
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Inflation indicators in Finland, July 2000 |
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|
Point figure |
Change on one year |
Change on one month |
|
|
Consumer Price Index (1995=100) |
108.3 |
3.7 % |
0.0 % |
|
Cost of Living Index (1951:10=100) |
1,505 |
||
|
Harmonised Index of Consumer Prices (1996=100) |
106.9 |
2.9 % |
-0.5 % |
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 2.1 per cent in June
According to the Harmonised Index of Consumer Prices, the rate of inflation in the EU Member States was 2.1 per cent in June. Inflation accelerated, as it was 1.7 per cent in May. Inflation in the EU was still fastest in Ireland, at 5.4 per cent, and slowest in Great Britain, at 0.8 per cent. The corresponding figure for Finland stood at 3.1 per cent. In the member countries of the EMU, consumer prices went up by 2.4 per cent in June.
In July, the Finnish point figure on the Harmonised Index of Consumer Prices (1996=100) stood at 106.9 and the year-on-year change at 2.9 per cent. From June to July, the index fell by 0.5 per cent. Eurostat, the statistical office of the European Communities, will publish the EU's Harmonised Indices of Consumer Prices for July on 18 August.
Source: Consumer Price Index 2000, July. Statistics Finland