Inflation 5.6 per cent in August 2023

Release related to topics:Prices and consumptionEnergy
release | Consumer price index 2023, August

Correction

Adjustment of the price index of electricity in the releases of the Consumer Price Index and the Harmonised Index of Consumer Prices for August 2023
Read more about the correction

According to Statistics Finland, the year-on-year change in consumer prices was 5.6 per cent in August. In July, inflation stood at 6.5 per cent. The decrease of inflation from July to August was mostly caused by the adjustment of the price index of electricity, which was made in the publication of August.

Key selections

  • Consumer prices were raised most in August by increases in average interest rate on housing loans and consumer credits from one year ago.
  • The rising of consumer prices from one year back was curbed most by reductions in the prices of electricity, petrol and real estates.
  • The month-on-month change of consumer prices was -0.7 per cent, which was mostly due to the adjustment of the price index of electricity.
  • The core inflation of Consumer Price Index was 6.8 per cent. Core inflation does not include food and energy price changes, as the short-term price fluctuations in these are higher compared to other commodity groups.

According to preliminary data, inflation in the euro area was 5.3 per cent in August 2023

According to the preliminary data on the Harmonised Index of Consumer Prices (HICP), the rate of inflation in the euro area was 5.3 per cent in August. In July, it stood also at 5.3 per cent. The corresponding figure for Finland was 3.1 per cent in August.

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 August on 19 September.

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 3.2 per cent in August 2023

The year-on-year change in the Harmonised Index of Consumer Prices (HICP) stood at 3.1 per cent in August and that in the Index at Constant Taxes (HICP-CT) measuring market inflation also at 3.2 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus -0.1 percentage points. The month-on-month change in the Harmonised Index of Consumer Prices was -1.1 per cent and that in the Index at Constant Taxes -1.1 per cent in August.

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.

Figures

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Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, 2023 August

Tables

See key statistical data in the tables.

Consumer Price Index 2015=100 by commodity groups, monthly and annual changes, 2023 August

Harmonised Index of Consumer Prices 2015=100 by commodity groups, annual changes (%), 2023 August

Database tables

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Updated database tables
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        Future releases

        Documentation

        Description of the production, used methods and quality of the statistics.

        Go to documentation of the statistics

        Referencing instructions

        Official Statistics of Finland (OSF): Consumer price index [online publication].
        Reference period: 2023, August. ISSN=1799-0254. Helsinki: Statistics Finland [Referenced: 21.11.2024].
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        Statistical experts

        Inquiries primarily

        Service email
        info@stat.fi
        Kristiina Nieminen
        Senior Statistician
        029 551 2957

        Other experts

        Hannele Markkanen
        Senior Statistician
        029 551 3358

        Head of Department in charge

        Hannele Orjala
        Head of Department in charge
        029 551 3582