Inflation rose to 5.8 % in March 2022

Release related to topics:Prices and consumption Energy

release 14/04/2022 | Consumer price index 2022, March

The year-on-year change in consumer prices calculated by Statistics Finland was 5.8 % in March. In February, inflation stood at 4.5 %. The increase in inflation was caused by higher prices of fuels, for example.

Inflation indicators in Finland, March 2022

	Point figure	Annual change (%)	Monthly change (%)
Consumer Price Index 2015=100	111.0	5.8	1.5
Cost-of-living Index 1951:10=100	2115
Harmonised Index of Consumer Prices 2015=100	111.5	5.8	1.6
Harmonised Index of Consumer Prices at Constant Taxes 2015=100	110.0	5.7	1.6

The table depicts the point figures for all Statistics Finland's published series.

Key selections

Consumer prices were raised most in March by increases in the prices of electricity, petrol, diesel, and capital repair on detached houses from one year ago.
The rising of consumer prices from one year back was curbed most by reductions in the prices of children’s day care, medical examination and treatment fees, average interest rate on housing loans, non-refundable prescription medicines, and regular ferry service.
The month-on-month change of consumer prices was 1.5 %, which was caused by higher prices of diesel compared to previous month, for example.

According to preliminary data, inflation in the euro area was 7.5 % in March 2022

According to the preliminary data on the Harmonised Index of Consumer Prices (HICP), the rate of inflation in the euro area was 7.5 % in March. In February, it stood at 5.9 %. The corresponding figure for Finland was 5.8 % in March.

The Harmonised Index of Consumer Prices does not include owner-occupancy, games of chance, interests on consumption and other credits, fire insurance on owner-occupied dwellings, the vehicle tax or fishing and hunting fees. The consumption items included in the Harmonised Index of Consumer Prices, as well as the rules governing its compilation, have been defined in EU regulations.

Eurostat’s estimate of inflation in the euro area is based on preliminary data from the Member States and on the price development of energy. Eurostat will publish detailed data on Harmonised Indices of Consumer Prices for March on 21 April.

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 5.7 % in March 2022

The year-on-year change in the Harmonised Index of Consumer Prices (HICP) stood at 5.8 % in March and that in the Index at Constant Taxes (HICP-CT) measuring market inflation at 5.7 %. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.1 %-points. The month-on-month change in the Harmonised Index of Consumer Prices was 1.6 % and that in the Index at Constant Taxes 1.6 % in March.

In the Index at Constant Taxes, the impact on inflation from changes in the value added tax and other commodity taxes has been eliminated by keeping the taxes constant relative to the index base period. The Index measures market inflation or the change in prices caused by reasons other than changes in commodity taxes. The price impact of the tax changes is obtained by comparing the development of the Harmonised Index of Consumer Prices and the Index at Constant Taxes.