14 August 2002
Inquiries: Mr Timo Koskimäki +358 9 1734 3479, Mr
Juhani Pekkarinen +358 9 1734 3476
Harmonised Index of Consumer Prices: Ms Mari Ylä-Jarkko +358 9 1734
3310
Director in charge: Mr Kari Molnar
Inflation accelerated to 1.7 per cent in July
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 1.7 per cent in July. In June it stood at 1.1 per cent. The faster rate of inflation was mostly due to reduction in liquid fuel prices in last year's July and to higher prices of vegetables.
Risen food prices, especially of fruit, vegetables and milk products, from the year before put consumer prices up most, by 0.4 percentage points. Higher telephone charges accounted for 0.3 percentage points of inflation. The proportion of increased prices of cultural and leisure services was almost equal to that. Rent increases raised consumer prices by 0.2 percentage points in the year, as did higher prices of health and medical care. The fall in interest rates decreased inflation by 0.5 percentage points.
From June to July, consumer prices fell by 0.2 per cent, which was mostly due to summer clothes sales.
Inflation indicators in Finland, July 2002
>
|
Point figure |
Change on one year |
Change on one month |
|
|
Consumer Price Index (2000=100) |
104.2 |
1.7% |
-0.2% |
|
Cost of Living Index (1951:10=100) |
1,563 |
||
|
Harmonised Index of Consumer Prices (1996=100) |
111.9 |
2.0% |
-0.4% |
Each mid-month, Statistics Finland interviewers collect around 50,000 prices on 492 commodities from approximately 3,500 outlets for the Consumer Price Index. In addition, some 1,000 items of price data are gathered by centralised collection.
According to preliminary data, inflation in EMU countries 1.9 per cent in July
According to preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the member states of the EMU was 1.9 per cent in July. In June it was 1.8 per cent. The corresponding figure for Finland in July was 2.0 per cent.
Eurostat's estimate on inflation in the EMU area is based on preliminary data published by certain member states and on the price development of energy. Eurostat will publish detailed data on the Harmonised Indices of Consumer Prices for July on 19 August.
Source: Consumer Price Index 2002, July. Statistics Finland