15 September, 1999
Inquiries: Ms Mari Suviranta +358 9 1734 3501, Ms
Mari Ylä-Jarkko +358 9 1734 3310
Harmonised Index of Consumer Prices: Ms Mari Ylä-Jarkko +358 9 1734
3310
Director in charge: Mr Jarmo Hyrkkö
Inflation slowed down slightly in August
According to Statistics Finland, the year-on-year change in consumer prices, or inflation, was 1.1 per cent in August. In July, inflation stood at 1.2 per cent.
Lower interest rates curbed inflation in August
In August, inflation was curbed especially by reductions in the interest rates of housing loans and consumer credits. The prices of vegetables were also lower compared to last year's August. Inflation was upheld in August by higher petrol prices. The price of petrol has gone up by close on 11 per cent in the year to August.
From July to August, consumer prices rose by 0.1 per cent, primarily due to the higher price of petrol, but there were also increases in clothing prices.
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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), August |
104.5 |
1.1 % |
0.1 % |
|
Cost of Living Index (1951:10=100), August |
1,453 |
||
|
Harmonised Index of Consumer Prices (1996=100), August |
104.0 |
1.3 % |
0.1 % |
|
Indicator of Underlying Inflation (1995=100), July |
103.5 |
1.1 % |
-0.2 % |
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 1.1 per cent in July
According to the Harmonised Index of Consumer Prices, the inflation in the EU Member States stood at 1.1 per cent in July. In the member countries of the EMU prices also went up by 1.1 per cent. Inflation was the slowest in Luxembourg, where prices went down by 0.3 per cent in the year to July, and the fastest in Spain, where the year-on-year increase in prices was 2.1 per cent. The corresponding rate for Finland was 1.4 per cent.
In August, the Finnish point figure on the Harmonised Consumer Price Index (1996=100) stood at 104.0 and the year-on-year change at 1.3 per cent. From July to August the index rose by 0.1 per cent.
Source: Consumer Price Index 1999, August. Statistics Finland.