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14 September 2001

Inquiries: Mr Timo Koskimäki +358 9 1734 3479, Ms Mari Suviranta +358 9 1734 2636, Mr Juhani Pekkarinen +358 9 1734 3476
Harmonised Index of Consumer Prices: Ms Mari Ylä-Jarkko +358 9 1734 3310
Director in charge: Mr Ilkka Lehtinen

Inflation 2.4 per cent in August

According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 2.4 per cent in August. In July it was 2.5 per cent.

Higher food prices accounted for about one third of inflation, i.e. good 0.7 per cent. The rise was mainly due to higher prices of meat, fruit, vegetables and milk products. The impact of higher rents on inflation was 0.3 percentage points. Prices of package tours, newspapers and magazines also rose in the year to August. Inflation was curbed by lower prices of fuels and dwellings.

From July to August, consumer prices went up by 0.1 per cent, which was mainly due to the ending of clothing sales. In contrast, price of petrol fell in August.

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Inflation indicators in Finland, August 2001

Point figure

Change
on one year

Change
on one month

Consumer Price Index (1995=100)

111.1

2.4%

0.1%

Cost of Living Index (1951:10=100)

1,544

Harmonised Index of Consumer Prices (1996=100)

109.9

2.7%

0.2%

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 slowed to 2.8 per cent in July

According to the Harmonised Index of Consumer Prices, the rate of inflation in the member countries of the EMU was 2.8 per cent in July. Inflation slowed down further from May and June. Inflation in the EMU was still fastest in the Netherlands, at 5.2 per cent and slowest in France, at 2.2 per cent. The corresponding figure for Finland stood at 2.6 per cent. In the EU Member States, inflation was 2.6 per cent in July.

The Finnish point figure on the Harmonised Index of Consumer Prices (1996=100) for August rose by 2.7 per cent from the previous year. The index went up by 0.2 per cent from July to August. Eurostat will publish the Harmonised Indices of Consumer Prices for August on 18 September.

Source: Consumer Price Index 2001, August. Statistics Finland