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14 January 2002

Inquiries: Mr Timo Koskimäki +358 9 1734 3479, Ms Tina Telasuo +358 9 1734 2951, 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 1.6 per cent in December

According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 1.6 per cent in December, which is the same as in November. The average inflation for the year 2001 was 2.6 per cent.

Higher food prices raised consumer prices most, i.e. by 0.8 percentage points. Especially prices of meat, dairy products and vegetables rose. Risen prices of cultural and leisure goods and services accounted for 0.3 per cent of inflation, as did higher rents. Prices of public transport and electricity also increased from December 2000. In contrast, lower prices of liquid fuels decreased inflation by 0.8 percentage points and lower interest rates by 0.5 percentage points.

From November to December, consumer prices fell by 0.1 per cent because prices of petrol, light fuel oil and interest rates fell.

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Inflation indicators in Finland, December 2001

Point figure

Change
on one year

Change
on one month

Consumer Price Index (1995=100)

110.9

1.6%

-0.1%

Cost of Living Index (1951:10=100)

1,542

Harmonised Index of Consumer Prices (1996=100)

110.4

2.3%

0.0%

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.

According to preliminary data, inflation in EMU countries 2.0 per cent in December

According to preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the member countries of the EMU was 2.0 per cent in December. The corresponding figure for Finland was 2.3 per cent.

Eurostat's estimate on inflation in the EMU area is based on preliminary data published by Germany and Italy and on price development of energy. Eurostat will publish detailed data on the Harmonised Indices of Consumer Prices for December on 22 January.

Source: Consumer Price Index 2001, December. Statistics Finland