13 June 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 0.7 per cent in May
According to Statistics Finland, the year-on-year change in consumer prices, i.e. inflation, slowed down to 0.7 per cent in May from April's 1.1 per cent, above all because of lower vegetable prices.
Consumer prices were put up by most, or good 0.2 percentage points, year-on-year by increased price of electricity. The impact of higher hotel and restaurant prices was of almost equal magnitude. The effect of risen health care costs and rent increases on inflation amounted to just short of 0.2 percentage points. Reduced interest rates, in turn, curbed inflation by 0.5 percentage points, and fallen prices of vegetables from the year before by 0.2 percentage points.
From April to May, consumer prices fell by 0.1 per cent, mainly because of lower prices of fuel oils and vegetables.
Inflation indicators in Finland, May 2003
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| Point figure | Change on one year | Change on one month | |
| Consumer Price Index (2000=100) | 105.3 | 0.7% | -0.1% |
| Cost of Living Index (1951:10=100) | 1,580 | ||
| Harmonised Index of Consumer Prices (1996=100) | 113.7 | 1.1% | -0.1% |
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 1.9 per cent in May
According to preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the member states of the EMU was 1.9 per cent in May. In April, it stood at 2.1 per cent. The corresponding figure for Finland in May was 1.1 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 May on 18 June.
Source: Consumer Price Index 2003, May. Statistics Finland