14 February 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 slowed down to 1.4 per cent in January
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, slowed down to 1.4 per cent in January. In December it stood at 1.7 per cent. Inflation was curbed above all by lower food prices compared to January 2002 and cuts in the prices of motor cars.
Higher prices of liquid fuels raised consumer prices most, by 0.5 percentage points, in the year. The impact on inflation from higher restaurant and hotel prices amounted to good 0.2 percentage points, and that from rent increases was of almost equal magnitude. Higher prices of health care services, electricity, public transport and games of chance also put consumer prices up. Inflation was curbed most by reduced interest rates and lower food prices, especially of vegetables, compared to January 2002.
From December to January, consumer prices went up by only 0.1 per cent. Consumer price increases were mainly curbed by seasonal sales of clothing and cuts in the prices of motor cars.
Inflation indicators in Finland, January 2003
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| Point figure | Change on one year | Change on one month | |
| Consumer Price Index (2000=100) | 104.6 | 1.4% | 0.1% |
| Cost of Living Index (1951:10=100) | 1,569 | ||
| Harmonised Index of Consumer Prices (1996=100) | 112.5 | 1.4% | 0.2% |
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 January
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 January. In December, the rate was 2.3 per cent. The corresponding figure for Finland in January was 1.4 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 January on 28 February.
Source: Consumer Price Index 2003, January. Statistics Finland