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Published: 14 March 2012

Inflation 3.1 per cent in February

The year-on-year change in consumer prices, i.e. inflation, calculated by Statistics Finland was 3.1 per cent in February. In January, it was 3.2 per cent.

Inflation indicators in Finland, February 2012

	Point figure	Change on one year	Change on one month
Consumer Price Index 2010=100	105,6	3,1 %	0,6 %
Cost-of-living Index 1951:10=100	1 850
Harmonised Index of Consumer Prices 2005=100	116,8	3,0 %	0,8 %
Harmonised Index of Consumer Prices at Constant Taxes 2005=100	115,1	2,2 %	0,8 %

In February, consumer prices were pushed up most from the previous year by risen prices of housing and food. Housing prices went up particularly due to increases in interest rates, rents and energy prices. Food prices, in turn, were pushed up above all by higher prices of meat, milk products, non-alcoholic beverages and confectionery and ice cream. Increases in prices of alcoholic beverages, transport fuels and restaurant and café services also had an impact on inflation. Inflation was held back most in February by fallen prices of consumer electronics and telecommunications services from the year before.

From January to February consumer prices went up by 0.6 per cent, primarily because food prices rose and clothing sales were gradually coming to an end.

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.

According to preliminary data, inflation in the euro area was 2.7 per cent in February

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was 2.7 per cent in February. In January it was 2.6 per cent. The corresponding figure for Finland was 3.0 per cent in February.

The weight structure of the Harmonised Index of Consumer Prices and the Harmonised Index of Consumer Prices at Constant Taxes was revised starting from the index for January 2012 to correspond to the consumption structure of the year 2011. In addition, introduced was seasonal weighting where the weight of seasonal products outside the sales season is divided to other commodities in the same group.

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 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 the Harmonised Indices of Consumer Prices for February on 14 March. Information of inflation in EU countries is available on Eurostat homepage, eurostat (http://ec.europa.eu/eurostat).

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 2.2 per cent in February

The year-on-year change in the Harmonised Index of Consumer Prices stood at 3.0 per cent in February and that in the Index at Constant Taxes measuring market inflation at 2.2 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.8 percentage points. The month-on-month change in both the Harmonised Index and the Index of Consumer Prices at Constant Taxes was 0.8 per cent in February. There were no changes in tax rates in February.

Harmonised Index of Consumer Prices at Constant Taxes

The inflation measured by Consumer Price Index consists mainly of products and services priced by enterprises and the public sector, and value added and commodity taxes. Some 25 per cent of the private consumption described by the Harmonised Index of Consumer Prices (HICP) consists of value added or other taxes. The Harmonised Index of Consumer Prices at Constant Taxes (HICP-CT) is based on the HICP so the two indices have the same weight structure and price data. HICP-CT is calculated with a method which holds the tax rate constant relative to the reference period. When tax changes take place, the impact of the tax change on commodity prices is eliminated from HICP-CT. The price impact of the tax changes is obtained by comparing the development of the HICP and HICP-CT.

Source: Consumer Price Index, Statistics Finland

Inquiries: Juhani Pekkarinen 09 1734 3476, Johanna Leivo 09 1734 3397, khi@stat.fi

Director in charge: Kari Molnar

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Appendix tables

• Appendix table 1. Consumer Price Index 2010=100 by commodity groups (14.3.2012)
• Appendix table 2. Cost-of-living Index 1951:10=100 (14.3.2012)
• Appendix table 3. Year-on-year changes in the Consumer Price Index (14.3.2012)
• Appendix table 4. Consumer Price Index 2000=100 (14.3.2012)
• Appendix table 5. Consumer Price Index 2005=100 (14.3.2012)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - February 2012 (14.3.2012)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, February 2012 (14.3.2012)
• Appendix figure 3. Annual change in the Harmonised Index of Consumer Prices and the Harmonised Index of Consumer Prices at Constant Taxes, January 2007 - February 2012 (14.3.2012)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2005=100; Finland, Euro area and EU (14.3.2012)

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Updated 14.3.2012