Inflation 9.1 per cent in December 2022

Release related to topics:Prices and consumption Energy

release 13/01/2023 | Consumer price index 2022, December

The year-on-year change in consumer prices calculated by Statistics Finland was 9.1 per cent in December. In November, inflation stood also at 9.1 per cent. In 2022, the average inflation rate was 7.1 per cent.

Inflation indicators in Finland, December 2022

	Point figure	Annual change (%)	Monthly change (%)
Consumer Price Index 2015=100	117.3	9.1	-0.1
Cost-of-living Index 1951:10=100	2236
Harmonised Index of Consumer Prices 2015=100	117.1	8.8	-0.4
Harmonised Index of Consumer Prices at Constant Taxes 2015=100	115.8	9.1	0.0

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

Key selections

Consumer prices were raised most in December 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 non-refundable prescription medicines.
The month-on-month change of consumer prices was -0.1 per cent, which was caused by lower prices of petrol and diesel, for example.

According to preliminary data, inflation in the euro area was 9.2 per cent in December 2022

According to the preliminary data on the Harmonised Index of Consumer Prices (HICP), the rate of inflation in the euro area was 9.2 per cent in December. In November, it stood at 10.1 per cent. The corresponding figure for Finland was 8.8 per cent in December.

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 December on 18 January.

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 9.1 per cent in December 2022

The year-on-year change in the Harmonised Index of Consumer Prices (HICP) stood at 8.8 per cent in December and that in the Index at Constant Taxes (HICP-CT) measuring market inflation at 9.1 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus -0.3 percentage points. In December, the value added tax on electric energy was temporarily reduced from 24 per cent to 10 per cent. The month-on-month change in the Harmonised Index of Consumer Prices was -0.4 per cent and that in the Index at Constant Taxes 0.0 per cent in December.

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.