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Published: 18 February 2011

Inflation 3.0 per cent in January

The year-on-year change in consumer prices, i.e. inflation, calculated by Statistics Finland was 3.0 per cent in January. In December, it stood at 2.9 per cent. As of January 2011, changes in consumer prices are calculated according to the revised Consumer Price Index 2010=100.

Inflation indicators in Finland, January 2011

	Point figure	Change on one year	Change on one month
Consumer Price Index 2010=100	101,8	3,0 %	0,4 %
Cost-of-living Index 1951:10=100	1 783
Harmonised Index of Consumer Prices 2005=100	112,5	3,1 %	0,4 %

In January, consumer prices were pushed up most from the year before by increases in the prices of liquid fuels, food and non-alcoholic beverages, electricity, and owner-occupied dwellings and real estate. Risen prices of clothing and rent increases also had an impact on inflation. Inflation was curbed most in January by reductions in the prices of consumer electronics and international air transport, and fallen interest rates from the year before.

From December to January, consumer prices rose by 0.4 per cent. This was mostly due to risen prices of electricity, food and non-alcoholic beverages, and liquid fuels. The most significant reasons why the prices of electricity and food went up were that the tax on electricity was raised and a new tax was levied on sweets and soft drinks.

Each mid-month, Statistics Finland interviewers collect altogether around 50,000 prices on 483 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. Consumer Price Index 2005=100 Handbook for Users can be found on the CPI home page at www.stat.fi. The new Consumer Price Index 2010=100 Handbook for Users will be published later in the spring.

Consumer Price Index revised

Statistics Finland has revised the Consumer Price Index to better correspond with today's consumption. The weight structure and the commodity basket of the Index were updated whereupon around 15 per cent of the commodities in the basket changed. The weight structure is mainly based on National Accounts data. The base year of the revised Index is 2010.

According to preliminary data, inflation in the euro area was 2.4 per cent in January

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was 2.4 per cent in January. In December, it stood at 2.2 per cent. The corresponding figure for Finland in January was 3.1 per cent.

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 or 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 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 28 February. Information of inflation in EU countries is available on Eurostat homepage, eurostat (http://ec.europa.eu/eurostat).

Source: Consumer Price Index, Statistics Finland

Inquiries: Juhani Pekkarinen (09) 1734 3476, Christina Telasuo (09) 1734 3472, Mari Ylä-Jarkko (09) 1734 3310, khi@stat.fi

Director in charge: Kari Molnar

Publication in pdf-format (353.5 kB)

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Appendix tables

• Appendix table 1. Consumer Price Index 2010=100 by commodity groups (18.2.2011)
• Appendix table 2. Cost-of-living Index 1951:10=100 (18.2.2011)
• Appendix table 3. Year-on-year changes in the Consumer Price Index (18.2.2011)
• Appendix table 4. Consumer Price Index 2000=100 (18.2.2011)
• Appendix table 5. Consumer Price Index 2005=100 (18.2.2011)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - January 2011 (18.2.2011)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, January 2011 (18.2.2011)
• Appendix figure 3. Harmonised Index of Consumer Price Index 2005=100; Finland, Euro area and EU (18.2.2011)

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Updated 18.2.2011