14 April 2003
Inquiries: Mr Timo Koskimäki +358 9 1734 3479, Mr
Juhani Pekkarinen +358 9 1734 3476,
Mr Toni Udd +358 9 173 2951
Director in charge: Mr Kari Molnar
Inflation slowed down to 1.6 per cent in March
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, slowed down to 1.6 per cent in March. In February it stood at 1.9 per cent. Inflation decelerated primarily because the year-on-year increase in the price of petrol was smaller in March than in February. Lower prices of food also curbed inflation.
Consumer prices were put up by most, 0.6 percentage points, year-on-year by risen cost of housing caused by higher prices of electricity, light fuel oil and dwellings as well as rent increases. Risen transport costs accounted for 0.4 percentage points of inflation. Prices were put up year-on-year by increases in fuel prices, above all. The impact of higher restaurant and hotel prices on inflation amounted to good 0.2 percentage points, whereas reduced interest rates curbed inflation by 0.3 percentage points.
From February to March, consumer prices rose by 0.3 per cent, mainly because clothing sales finished and the prices of electricity and light fuel oil went up.
Inflation indicators in Finland, March 2003
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| Point figure | Change on one year | Change on one month | |
| Consumer Price Index (2000=100) | 105.6 | 1.6% | 0.3% |
| Cost of Living Index (1951:10=100) | 1,584 | ||
| Harmonised Index of Consumer Prices (1996=100) | 113.9 | 1.9% | 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 2.4 per cent in March
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 March as in February, i.e. 2.4 per cent. The corresponding figure for Finland in March was 1.9 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 March on 16 April.
Source: Consumer Price Index 2003, March. Statistics Finland