Inflation 3.3 per cent in January 2024
Correction
According to Statistics Finland, the year-on-year change in consumer prices was 3.3 per cent in January. In December, inflation stood at 3.6 per cent. The decrease of inflation from December to January was caused by a milder rise in average interest rate on housing loans and by lower prices of petrol, for example. In January, the commodity basket of the Consumer Price Index and the weight structure of consumption were updated corresponding to the private consumption in 2023.
Inflation indicators in Finland, January 2024
| Point figure | Annual change (%) | Monthly change (%) | |
|---|---|---|---|
| Consumer Price Index 2015=100 | 121.9 | 3.3 | 0.3 |
| Cost-of-living Index 1951:10=100 | 2322 | ||
| Harmonised Index of Consumer Prices 2015=100 | 119.0 | 1.1 | 0.3 |
| Harmonised Index of Consumer Prices at Constant Taxes 2015=100 | 117.4 | 0.8 | 0.4 |
Key selections
- Consumer prices were raised most in January by increases in average interest rate on housing loans, consumer credits and the prices of package international holidays from one year ago.
- The rising of consumer prices from one year back was curbed most by reductions in the prices of electricity, children's day care and petrol.
- The month-on-month change of consumer prices was 0.3 per cent, which was caused by higher prices of electricity and general hospital fee, for example.
- The core inflation of Consumer Price Index was 5.4 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.
- The price index of electricity was adjusted downwards in September 2023 concerning the data for August 2023. The adjustment does not affect the use of the Consumer Price Index. Officially published figures are always used in index adjustments.
According to preliminary data, inflation in the euro area was 2.8 per cent in January 2024
According to the preliminary data on the Harmonised Index of Consumer Prices (HICP), the rate of inflation in the euro area was 2.8 per cent in January. In December, it stood at 2.9 per cent. The corresponding figure for Finland was 1.1 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 22 February.
The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 0.8 per cent in January 2024
The year-on-year change in the Harmonised Index of Consumer Prices (HICP) stood at 1.1 per cent in January and that in the Index at Constant Taxes (HICP-CT) measuring market inflation at 0.8 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 January, taxes on liquid fuels were lowered and changes were made on alcohol tax. The month-on-month change in the Harmonised Index of Consumer Prices was 0.3 per cent and that in the Index at Constant Taxes 0.4 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.
Annual Review of the Consumer Price Index 2024 has been published.
Figures
Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, 2024 January
Tables
Consumer Price Index 2015=100 by commodity groups, monthly and annual changes, 2024 January
Harmonised Index of Consumer Prices 2015=100 by commodity groups, annual changes (%), 2024 January
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