13 September 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 slowed to 1.4 per cent in August
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 1.4 per cent in August. In July it stood at 1.7 per cent. The slower rate of inflation was mostly due to lower prices of fruit, vegetables and clothes from last year's August.
Higher prices of transport put consumer prices up most in the year, by 0.3 percentage points. In particular, prices of public transport and private cars increased. The rise in prices of cultural and leisure services had an almost equal effect. Higher prices of health care, risen hotel and restaurant prices and rent increases each raised consumer prices by 0.2 percentage points. The fall in interest rates decreased inflation by 0.5 percentage points and lower prices of clothes and footwear by 0.3 percentage points from the year before.
From July to August, consumer prices remained unchanged, on average, as although the end of sales raised prices of clothes, prices of fruit and vegetables correspondingly fell.
Inflation indicators in Finland, August 2002
>
|
Point figure |
Change on one year |
Change on one month |
|
|
Consumer Price Index (2000=100) |
104.2 |
1.4% |
0.0% |
|
Cost of Living Index (1951:10=100) |
1,563 |
||
|
Harmonised Index of Consumer Prices (1996=100) |
111.9 |
1.8% |
0.0% |
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 2.1 per cent in August
According to preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the member states of the EMU was 2.1 per cent in August. In July it was 1.9 per cent. The corresponding figure for Finland in August was 1.8 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 August on 18 September.
Source: Consumer Price Index 2002, August. Statistics Finland