14 March 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 accelerated to 1.9 per cent in February
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, rose to 1.9 per cent in February. In January it stood at 1.4 per cent. Inflation accelerated above all because food prices went up in this year's February, but fell in February 2002. Higher prices of liquid fuels also speeded up the increase in consumer prices.
Higher prices of liquid fuels accounted for good third, or 0.7 percentage points, of inflation in February. The impact of higher restaurant and hotel prices on inflation amounted to 0.3 percentage points. Rent increases, and higher prices of electricity, cultural and leisure services, and health care services also put consumer prices up. Inflation was curbed most by reduced interest rates and lower prices of new motor cars.
From January to February, consumer prices went up by 0.7 per cent, mainly due to higher prices of liquid fuels, clothing, vegetables and package holidays.
Inflation indicators in Finland, February 2003
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| Point figure | Change on one year | Change on one month | |
| Consumer Price Index (2000=100) | 105.3 | 1.9% | 0.7% |
| Cost of Living Index (1951:10=100) | 1,580 | ||
| Harmonised Index of Consumer Prices (1996=100) | 113.5 | 2.1% | 0.9% |
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 2.3 per cent in February
According to preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the member states of the EMU was 2.3 per cent in February. In January, the rate was 2.2 per cent. The corresponding figure for Finland in February was 2.1 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 February on 18 March.
Source: Consumer Price Index 2003, February. Statistics Finland