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Published: 14 August 2012

Inflation 2.9 per cent in July

The year-on-year change in consumer prices, i.e. inflation, calculated by Statistics Finland was 2.9 per cent in July. In June it stood at 2.8 per cent.

Inflation indicators in Finland, July 2012

	Point figure	Change on one year	Change on one month
Consumer Price Index 2010=100	106,2	2,9 %	-0,2 %
Cost-of-living Index 1951:10=100	1 861
Harmonised Index of Consumer Prices 2005=100	117,4	3,1 %	-0,3 %
Harmonised Index of Consumer Prices at Constant Taxes 2005=100	115,7	2,2 %	-0,3 %

In July, consumer prices were pushed up most from last year by risen prices of food, transport, housing, alcohol and tobacco. Food prices went up mainly due to increases in the prices of meat, vegetables, confectionery and ice cream, and non-alcoholic beverages. Increases in the vehicle tax and fuel prices in particular put the prices of transport up. Housing prices, in turn, were pushed up most by increases in rents and maintenance charges. Risen prices of restaurant and café services, and clothing prices also had an impact on inflation. The rising in consumer prices was held back most in July by fallen interest rates and lower prices of package tours abroad, electricity and mobile communication services from the year before. From June to July consumer prices fell by 0.2 per cent, primarily due to clothing sales.

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. The Consumer Price Index 2010=100 Handbook for Users is available on the CPI-home page (www.stat.fi).

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

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was in July the same as in June, i.e. 2.4 per cent. The corresponding figure for Finland was 3.1 per cent in July.

The Harmonised Index of Consumer Prices does not include owner-occupancy, games of chance, interests on consumption and other credits, fire insurance on detached houses 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 Harmonised Indices of Consumer Prices for July on 16 August. 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 July

The year-on-year change in the Harmonised Index of Consumer Prices stood at 3.1 per cent in July 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 0.9 percentage points. The month-on-month change in both the Harmonised Index and the Index of Consumer Prices at Constant Taxes was -0.3 per cent in July. There were no changes in tax rates in July.

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: Mari Ylä-Jarkko 09 1734 3310, Jaana Hellman 09 1734 2661, 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 (14.8.2012)
• Appendix table 2. Cost-of-living Index 1951:10=100 (14.8.2012)
• Appendix table 3. Year-on-year changes in the Consumer Price Index, per cent (14.8.2012)
• Appendix table 4. Consumer Price Index 2000=100 (14.8.2012)
• Appendix table 5. Consumer Price Index 2005=100 (14.8.2012)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - July 2012 (14.8.2012)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, July 2012 (14.8.2012)
• Appendix figure 3. Annual change in the Harmonised Index of Consumer Prices and the Harmonised Index of Consumer Prices at Constant Taxes, January 2007 - July 2012 (14.8.2012)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2005=100; Finland, Euro area and EU (14.8.2012)

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Updated 14.8.2012