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Published: 19 February 2020

Inflation 1.0 per cent in January

The year-on-year change in consumer prices calculated by Statistics Finland was 1.0 per cent in January. In December, inflation stood at 0,9 per cent. The commodity basket for the Consumer Price Index and the weight structure were updated at the beginning of January. Men’s and women’s sports shirts were added to the commodity basket. In addition, the usage of total data was expanded with fresh products, soft and alcoholic drinks, cleaning and maintenance products and personal hygiene products.

Inflation indicators in Finland, January 2020

	Point figure	Annual change (%)	Monthly change (%)
Consumer Price Index 2015=100	103.3	1.0	-0.3
Cost-of-living Index 1951:10=100	1969
Harmonised Index of Consumer Prices 2015=100	103.7	1.2	-0.4
Harmonised Index of Consumer Prices at Constant Taxes 2015=100	102.8	1.1	-0.4

Consumer prices were raised most in January by increases in the prices of petrol, cigars, vegetables and electricity from one year ago. The rising of consumer prices from one year back was curbed most by reductions in the prices of package international holidays within the EU, average interest rate on housing loans, mobile phones and televisions. From December to January, the month-on-month change of consumer prices was -0.3 per cent, which was caused by lower prices of seasonal clothing and international flights.

Each mid-month, Statistics Finland's interviewers collect altogether 33,000 prices on nearly 400 commodities from approximately 2,500 outlets for the Consumer Price Index. The price data is supplemented with scanner data wherefrom 4 million individual prices are included into calculation. In addition, some 1,000 items of price data are gathered by centralised collection.

According to preliminary data, inflation in the euro area was 1.4 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 1.4 per cent in January. In December, it stood at 1.3 per cent. The corresponding figure for Finland was 1.2 per cent in January.

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 21 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 1.1 per cent in January

The year-on-year change in the Harmonised Index of Consumer Prices stood at 1.2 per cent in January and that in the Index at Constant Taxes measuring market inflation at 1.1 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, taxes on soft drinks, mild alcoholic beverages, tobacco were raised. The month-on-month change in the Harmonised Index of Consumer Prices was -0.4 per cent and that in the Index at Constant Taxes -0.4 per cent in January.

Harmonised Index of Consumer Prices at Constant Taxes

In the Index at Constant Taxes, the impact on inflation from changes in the value added tax and other commodity taxes 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: Kristiina Nieminen 029 551 2957, Hannele Markkanen 029 551 3358, khi@stat.fi

Director in charge: Jan Nokkala

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• Weight structure and commodity basket of the Consumer Price Index are updated for the year 2020 (19.2.2020)

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Appendix tables

• Appendix table 1. Consumer Price Index 2015=100 by commodity groups (19.2.2020)
• Appendix table 2. Consumer Price Index 2015=100 by commodity groups, monthly and annual changes (19.2.2020)
• Appendix table 3. Cost-of-living Index 1951:10=100 (19.2.2020)
• Appendix table 4. Year-on-year changes in the Consumer Price Index, per cent (19.2.2020)
• Appendix table 5. Consumer Price Index 2010=100 (19.2.2020)
• Appendix table 6. Consumer Price Index 2005=100 (19.2.2020)
• Appendix table 7. Harmonised Index of Consumer Prices 2015=100 by commodity groups (19.2.2020)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - January 2020 (19.2.2020)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, January 2020 (19.2.2020)
• 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 2020 (19.2.2020)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2015=100; Finland, euro area and EU (19.2.2020)

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Updated 19.2.2019