15 November, 1999
Inquiries: Mr Timo Koskimäki +358 9 1734 3479, Ms
Mari Suviranta +358 9 1734 3501
Harmonised Index of Consumer Prices: Ms Mari Ylä-Jarkko +358 9 1734
3310
Director in charge: Mr Jarmo Hyrkkö
Higher petrol prices continue to uphold inflation
According to Statistics Finland, the year-on-year change of consumer prices, i.e. inflation, was 1.3 per cent in October. The rate of inflation quickened, for in September the rate was 1.1 per cent. Inflation was upheld by petrol and light fuel oil price increases and higher rents and dwelling prices.
Petrol prices were over 13 per cent higher this October than in October 1998 and this pushed the index up by 0.5 percentage points. The effect of higher dwelling prices was 0.3 percentage points. Consumer price increases were curbed most by lower interest rates of housing loans and consumer credits and reductions in the price of electricity.
From September to October, consumer prices went up by 0.2 per cent due, primarily, to higher dwelling prices but also to increases in the price of tomatoes.
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Inflation indicators in Finland, October 1999 |
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|
Point figure |
Change on one year |
Change on one month |
|
|
Consumer Price Index (1995=100) |
105.1 |
1.3 % |
0.2 % |
|
Cost of Living Index (1951:10=100) |
1,460 |
||
|
Harmonised Index of Consumer Prices (1996=100) |
104.6 |
1.6 % |
0.1 % |
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 EU countries 1.2 per cent in September
According to the Harmonised Index of Consumer Prices, the rate of inflation in both the EU Member States and the member countries of the EMU stood at 1.2 per cent in September, i.e. same as in August. Inflation was fastest in Ireland, where prices rose by 2.6 per cent in the year to September, and slowest in France and Austria, at 0.6 per cent. The corresponding rate for Finland was 1.4 per cent.
In October, the Finnish point figure on the Harmonised Index of Consumer Prices (1996=100) stood at 104.6 and the year-on-year change at 1.6 per cent. From September to October, the index rose by 0.1 per cent.
Source: Consumer Price Index 1999, October. Statistics Finland.