16 August, 1999
Inquiries: Ms Mari Suviranta +358 9 1734 3501, Mr
Anssi Vuorio +358 9 1734 2934
Harmonised Index of Consumer Prices: Ms Mari Suviranta +358 9 1734
3501
Director in charge: Mr Jarmo Hyrkkö
Inflation up by 1.2 per cent in July
According to Statistics Finland, the year-on-year change of consumer prices, i.e. inflation, was 1.2 per cent in July. The rate of inflation accelerated slightly, since it was 1.1 per cent in June.
Interest rates down, price of petrol up
Inflation continued to be curbed by lower interest rates. Lower housing loan interest rates and interests on consumer credits slowed down inflation by 0.5 percentage points. Higher price of petrol, in particular, upheld inflation in July. It raised inflation by 0.3 percentage points. The prices of dwellings also went up.
From June to July, consumer prices fell by 0.2 per cent, which was especially due to clothes sales and lower prices of vegetables and root crops.
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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), July |
104.4 |
1.2% |
-0.2% |
|
Cost of Living Index (1951:10=100), July |
1,452 |
||
|
Harmonised Index of Consumer Prices (1996=100), July |
103.9 |
1.4% |
-0.3% |
|
Indicator of Underlying Inflation (1995=100), June |
103.7 |
1.0% |
0.0% |
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.
Inflation in EMU countries 0.9 per cent in June
According to the Harmonised Index of Consumer Prices, the rate of inflation in the member countries of the EMU stood at 0.9 per cent in June. The average for the EU Member States was 1.0 per cent. Inflation was slowest in Austria, where prices rose by 0.2 per cent in the year to June. The corresponding rate for Finland was 1.2 per cent.
In July, the Finnish point figure on the Harmonised Index of Consumer Prices (1996=100) stood at 103.9 and the year-on-year change at 1.4 per cent. From June to July, the index fell by 0.3 per cent.
Source: Consumer Price Index 1999, July. Statistics Finland.