14 January 2003
Inquiries: Mr Timo Koskimäki +358 9 1734 3479, Mr
Juhani Pekkarinen +358 9 1734 3476, Mr Toni Udd +358 9 1734
2951
Director in charge: Mr Kari Molnar
Inflation 1.7 per cent in December
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, was 1.7 per cent in December 2002. In November it stood at 1.6 per cent. The average inflation for 2002 was 1.6 per cent.
Higher housing prices raised consumer prices by 0.4 percentage points in the year. This was mainly due to rent increases and risen prices of dwellings, electricity and light fuel oil. The rise in prices of transport, primarily of petrol and new passenger cars had an equal impact. Higher hotel and restaurant prices as well as increased prices of recreation and culture accounted for 0.3 percentage points of inflation. In contrast, the fall in interest rates decreased inflation by 0.3 percentage points. The rise in consumer prices was also curbed by lower prices of call charges and mobile phones.
From November to December, consumer prices remained, on average, unchanged.
Inflation indicators in Finland, December 2002
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| Point figure | Change on one year | Change on one month | |
| Consumer Price Index (2000=100) | 104.5 | 1.7% | 0.0% |
| Cost of Living Index (1951:10=100) | 1,567 | ||
| Harmonised Index of Consumer Prices (1996=100) | 112.3 |
1.7% | 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 2.2 per cent in December
According to preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the member states of the EMU was the same in December as in November, i.e. 2.2 per cent. The corresponding figure for Finland in December was 1.7 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 December on 22 January 2003.
Source: Consumer Price Index 2002, December. Statistics Finland