15 September 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 3.8 per cent in August
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 3.8 per cent in August. The rate of inflation quickened slightly, for in July it was 3.7 per cent.
The direct impact of higher petrol and light fuel oil prices on inflation amounted to 0.8 percentage points in August. Higher dwelling prices and rents together put inflation up by 0.5 and higher housing loan interest rates by 0.5 percentage points. In addition, prices of food and restaurant services rose in the year to August.
Inflation was curbed in August by lower prices of used cars, electricity and mobile telephone calls.
From July to August, consumer prices increased by 0.2 per cent, which was especially due to the end of summer sales of clothes. Price of light fuel oil also went up, as did housing loan interest rates. In contrast, the price of petrol went down from July to August.
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Inflation indicators in Finland, August 2000 |
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|
Point figure |
Change on one year |
Change on one month |
|
|
Consumer Price Index (1995=100) |
108.5 |
3.8 % |
0.2 % |
|
Cost of Living Index (1951:10=100) |
1,507 |
||
|
Harmonised Index of Consumer Prices (1996=100) |
107.0 |
2.9 % |
0.1 % |
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 2.2 per cent in July
According to the Harmonised Index of Consumer Prices, the rate of inflation in the EU Member States was 2.2 per cent in July. Inflation accelerated slightly, as it was 2.1 per cent in June. Inflation in the EU was still fastest in Ireland, at 5.9 per cent, and slowest in the United Kingdom, at 1.0 per cent. The corresponding figure for Finland stood at 2.9 per cent. In the member countries of the EMU, inflation was 2.4 per cent in July.
In August, the Finnish point figure on the Harmonised Index of Consumer Prices (1996=100) stood at 107.0 and the year-on-year change at 2.9 per cent. From July to August, the index rose by 0.1 per cent. Eurostat, the statistical office of the European Communities, will publish the EU's Harmonised Indices of Consumer Prices for August on 18 September.
Source: Consumer Price Index 2000, August. Statistics Finland