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Published: 20 February 2017

Inflation 0.8 per cent in January

The year-on-year change in consumer prices calculated by Statistics Finland was 0.8 per cent in January. In December, inflation stood at 1.0 per cent. Statistics Finland has checked the commodity basket for consumer price indices and revised the weight structure at the beginning of January.

Inflation indicators in Finland, January 2017

	Point figure	Annual change (%)	Monthly change (%)
Consumer Price Index 2015=100	100.4	0.8	-0.6
Cost-of-living Index 1951:10=100	1914
Harmonised Index of Consumer Prices 2015=100	100.4	0.9	-0.7
Harmonised Index of Consumer Prices at Constant Taxes 2015=100	100.3	0.8	-0.6

Consumer prices were raised most in January by increases in the prices of petrol, cigarettes and electricity, and in the vehicle tax from one year ago. Compared to one year ago, the biggest decreases were recorded in the consumer prices of average housing loan interest rates, mobile phones and interest rates of consumer credits. From December to January, consumer prices changed by -0.6 per cent.

Each mid-month, Statistics Finland's interviewers collect altogether around 50,000 prices on nearly 470 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 euro area was 1.8 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 1.8 per cent in January. In December, it stood at 1.1 per cent. The corresponding figure for Finland in January was 0.9 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, 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. Information of inflation in EU countries is available on Eurostat homepage, (http://ec.europa.eu/eurostat/web/main).

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 0.8 per cent in January

The year-on-year change in the Harmonised Index of Consumer Prices stood at 0.9 per cent in January and that in the Index at Constant Taxes 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 0.1 percentage points. In January, the taxes on tobacco, fuels and vehicles were raised while the taxes on sweets, ice cream and non-alcoholic beverages, as well as the motor car tax were cut. The month-on-month change in the Harmonised Index of Consumer Prices was -0.7 per cent and that in the Index at Constant Taxes -0.6 per cent in January.

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: Ilkka Lehtinen 029 551 3478, Kristiina Nieminen 029 551 2957, khi@stat.fi

Director in charge: Ville Vertanen

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Reviews

• Weight structure and commodity basket of the Consumer Price Index were updated (20.2.2017)

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Appendix tables

• Appendix table 1. Consumer Price Index 2015=100 by commodity groups (20.2.2017)
• Appendix table 2. Consumer Price Index 2015=100 by commodity groups, monthly and annual changes (20.2.2017)
• Appendix table 3. Cost-of-living Index 1951:10=100 (20.2.2017)
• Appendix table 4. Year-on-year changes in the Consumer Price Index, per cent (20.2.2017)
• Appendix table 5. Consumer Price Index 2010=100 (20.2.2017)
• Appendix table 6. Consumer Price Index 2005=100 (20.2.2017)
• Appendix table 7. Harmonised Index of Consumer Prices 2015=100 by commodity groups (20.2.2017)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - January 2017 (20.2.2017)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, January 2017 (20.2.2017)
• Appendix figure 3. Annual change in the Harmonised Index of Consumer Prices and the Harmonised Index of Consumer Prices at Constant Taxes, January 2007 - January 2017 (20.2.2017)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2015=100; Finland, euro area and EU (20.2.2017)

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Updated 20.2.2017