Home > Statistics > Consumer price index > 2010 > October > Inflation accelerated to 2.3 per cent in October

Published: 15 November 2010

Inflation accelerated to 2.3 per cent in October

The year-on-year change in consumer prices, i.e. inflation, calculated by Statistics Finland accelerated to 2.3 per cent in October. In September it stood at 1.4 per cent. Inflation accelerated primarily because the impact from the lowered rate of value added tax on food one year ago wore off and food prices went up.

Inflation indicators in Finland, October 2010

	Point figure	Change on one year	Change on one month
Consumer Price Index 2005=100	110,5	2,3 %	0,4 %
Cost-of-living Index 1951:10=100	1 764
Harmonised Index of Consumer Prices 2005=100	111,2	2,3 %	0,4 %
Harmonised Index of Consumer Prices at Constant Taxes 2005=100	111,0	2,1 %	0,4 %

In October, consumer prices were pushed up most from the year before by increases in the prices of liquid fuels, food and non-alcoholic beverages, and owner-occupied dwellings and real estate. Inflation was also influenced by increases in rents, and prices of electricity, cultural and recreational services and tobacco from last year’s October. Inflation was curbed most by fallen interest rates and reductions in the prices of international air transport, phone call and Internet charges, and package holiday prices, as well as the lowering of the rate of value added tax on restaurant services.

From September to October, consumer prices rose by 0.4 per cent. This was mainly due to increases in the prices of food and clothing.

Each mid-month, Statistics Finland interviewers collect altogether around 50,000 prices on 497 commodities from approximately 2,700 outlets for the Consumer Price Index. In addition, some 1,000 items of price data are gathered by centralised collection.

According to preliminary data, inflation in the EMU countries was 1.9 per cent in October

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the EMU countries was 1.9 per cent in October. In September it stood at 1.8 per cent. The corresponding figure for Finland was 2.3 per cent in October.

The Harmonised Index of Consumer Prices does not include owner-occupancy, games of chance, interests on consumption and other credits or levies such as asset transfer tax and the vehicle tax. 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 EMU area is based on preliminary data from EMU Member States and on the price development of energy. Eurostat will publish detailed data on the Harmonised Indices of Consumer Prices for October on 16 November.

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 2.1 per cent in October

The year-on-year change in the Harmonised Index of Consumer Prices stood at 2.3 per cent in October and that in the Index at Constant Taxes measuring market inflation at 2.1 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was 0.3 percentage points. The month-on- month change in both the Harmonised Index and the Index of Consumer Prices at Constant Taxes was 0.4 per cent in October. There were no changes in tax rates in October.

In the Index at Constant Taxes the impact of the changes in the value added tax and other commodity taxes on inflation 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.

Source: Consumer Price Index, Statistics Finland

Inquiries: Juhani Pekkarinen (09) 1734 3476, Kati Heikkinen (09) 1734 3468, khi@stat.fi

Director in charge: Kari Molnar

Consumer price index 2010, October (pdf 109.0 kB)

Tables

Tables in databases

Pick the data you need into tables, view the data as graphs, or download the data for your use.

• Database tables and their variables
• Archived tables

Appendix tables

• Appendix table 1. Cost-of-living Index 1951:10=100 (15.11.2010)
• Appendix table 2. Year-on-year changes in the Consumer Price Index (15.11.2010)

---

Updated 15.11.2010