15 June, 1999
Inquiries: Ms Mari Suviranta +358 9 1734 3501, Mr
Anssi Vuorio +358 9 1734 2934
Harmonised Consumer Price Index of the EU: Ms Mari Suviranta +358 9
1734 3501
Director in charge: Mr Jarmo Hyrkkö
Quickening of inflation continued in May
According to Statistics Finland's Consumer Price Index, consumer prices rose by 1.4 per cent in the year to May. The rate of inflation quickened, for in April it stood at 1.1 per cent.
Higher price of petrol sustained inflation
The effect of the higher price of petrol on May inflation amounted 0.3 percentage points. Higher dwelling prices and rents were also major contributors to the quickening inflation. With regard to foodstuffs, the price of potatoes went up but that of coffee down compared to May 1998. Inflation continued to be curbed most by the lower price of coffee and falling interest rates.
In the April to May period, consumer prices rose by 0.2 per cent, primarily due to increases in rents. In contrast, reductions in the prices of package tours, as well as lower interest rates curbed inflation in the April to May period.
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Inflation indicators in Finland |
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|
Point figure |
Change on one year |
Change on one month |
|
|
Consumer Price Index (1995=100), May |
104.7 |
1.4 % |
0.2 % |
|
Cost of Living Index (1951:10=100), May |
1 455 |
||
|
Harmonised Consumer Price Index (1996=100), May |
104.2 |
1.4 % |
0.3 % |
|
Indicator of Underlying Inflation (1995=100), April |
103.4 |
1.2 % |
0.8 % |
Each mid-month, Statistics Finland interviewers collect over 50,000 prices from approximately 2,000 outlets for the Consumer Price Index. In addition, some 600 items of price data are gathered by centralised collection.
EU inflation rate 1.2 per cent in April
According to the Harmonised Consumer Price Index of the EU, inflation in the EU Member States stood at 1.2 per cent in April. Average inflation in the member countries of the EMU was 1.1 per cent. Inflation was the slowest in Austria, where consumer prices rose by 0.1 per cent. The corresponding rate for Finland was 1.3 per cent.
In May, the Finnish point figure on the Harmonised Consumer Price Index (1996=100) stood at 104.2 and the year-on-year change at 1.4 per cent. From April to May, the index rose by 0.3 per cent.
Source: Consumer Price Index 1999, May. Statistics Finland.