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14 June 2001

Inquiries: Mr Timo Koskimäki +358 9 1734 3479, Ms Mari Suviranta +358 9 1734 3501, Mr Juhani Pekkarinen +358 9 1734 3476
Harmonised Index of Consumer Prices: Ms Mari Ylä-Jarkko +358 9 1734 3310
Director in charge: Mr Jarmo Hyrkkö

Inflation accelerated to 3.4 per cent in May

According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 3.4 per cent in May. In April it was 3.0 per cent. The rate of inflation was mainly accelerated by higher prices of food and petrol.

In May, 0.7 percentage points of inflation was caused by higher food prices, which was mostly due to increases in prices of meat and milk products. The impact of higher petrol prices on inflation was almost 0.3 per cent, similarly as that of higher housing loan interest rates and rents.

From April to May, consumer prices went up by 0.8 per cent, which was primarily due to higher price of petrol and food. Food prices were mainly raised by higher prices of vegetables and meat. The increase in rents was also visible in May's Consumer Price Index.

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Inflation indicators in Finland, May 2001

Point figure

Change
on one year

Change
on one month

Consumer Price Index (1995=100)

111.4

3.4%

0.8%

Cost of Living Index (1951:10=100)

1,548

Harmonised Index of Consumer Prices (1996=100)

110.5

3.3%

0.9%

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 EMU countries 2.9 per cent in April

According to the Harmonised Index of Consumer Prices, the rate of inflation in the member countries of the EMU was 2.9 per cent in April. Inflation quickened, for in March it was 2.6 per cent. Inflation in the EMU was fastest in the Netherlands, at 5.3 per cent and slowest in France, at 2.0 per cent. The corresponding figure for Finland stood at 2.8 per cent. In the EU Member States, inflation was 2.6 per cent in April.

The Finnish point figure on the Harmonised Index of Consumer Prices (1996=100) for May rose by 3.3 per cent from the previous year. The index went up by 0.9 per cent from April to May. Eurostat will publish the Harmonised Indices of Consumer Prices for May on 18 June.

Source: Consumer Price Index 2001, May. Statistics Finland