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Inflation 8.4 per cent in January 2023

release 20/02/2023 | Consumer price index 2023, January

The year-on-year change in consumer prices calculated by Statistics Finland was 8.4 per cent in January. In December, inflation stood at 9.1 per cent. The drop in inflation from December to January was caused, for example, by a milder rise in electricity prices. In January, the commodity basket of the Consumer Price Index and the weight structure of consumption were updated corresponding to the private consumption in 2022.

Inflation indicators in Finland, January 2023

	Point figure	Annual change (%)	Monthly change (%)
Consumer Price Index 2015=100	118.0	8.4	0.6
Cost-of-living Index 1951:10=100	2249
Harmonised Index of Consumer Prices 2015=100	117.7	7.9	0.5
Harmonised Index of Consumer Prices at Constant Taxes 2015=100	116.5	8.3	0.6

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

Key selections

Consumer prices were raised most in January by increases in the prices of electricity, average interest rate on housing loans and consumer credits as well as increases in the prices of diesel from one year ago.
The rising of consumer prices from one year back was curbed most by reductions in the prices of real estates and non-refundable prescription medicines.
The month-on-month change of consumer prices was 0.6 per cent, which was caused by higher prices of electricity and increases in average interest rate on housing loans, for example.

According to preliminary data, inflation in the euro area was 8.5 per cent in January 2023

According to the preliminary data on the Harmonised Index of Consumer Prices (HICP), the rate of inflation in the euro area was 8.5 per cent in January. In December, it stood at 9.2 per cent. The corresponding figure for Finland was 7.9 per cent in January.

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 January on 23 February.

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 8.3 per cent in January 2023

The year-on-year change in the Harmonised Index of Consumer Prices (HICP) stood at 7.9 per cent in January and that in the Index at Constant Taxes (HICP-CT) measuring market inflation at 8.3 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus -0.4 percentage points. In January, taxes on tobacco products and diesel were raised and the value added tax on domestic passenger transportation was temporarily reduced. The month-on-month change in the Harmonised Index of Consumer Prices was 0.5 per cent and that in the Index at Constant Taxes 0.6 per cent in January.

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.