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Published: 18 February 2022

Inflation 4.4 per cent in January

The year-on-year change in consumer prices calculated by Statistics Finland was 4.4 per cent in January. In December, inflation stood at 3.5 per cent. The commodity basket for the Consumer Price Index and the weight structure were updated in January.

Inflation indicators in Finland, January 2022

	Point figure	Annual change (%)	Monthly change (%)
Consumer Price Index 2015=100	108.8	4.4	1.2
Cost-of-living Index 1951:10=100	2074
Harmonised Index of Consumer Prices 2015=100	109.1	4.1	1.4
Harmonised Index of Consumer Prices at Constant Taxes 2015=100	107.6	4.0	1.3

Consumer prices were raised most in January by increases in the prices of electricity, capital repair on detached houses, fuels, and renovation of blocks of flats from one year ago. The rising of consumer prices from one year back was curbed most by reductions in the prices of children’s day care, average interest rate on housing loans and consumer credit, and long-distance train journeys. From December to January, the month-on-month change of consumer prices was 1.2 per cent, which was caused by higher prices of electricity compared to previous month, for example.

Each mid-month, Statistics Finland's interviewers collect altogether 19,000 prices on nearly 400 commodities from approximately 2,100 outlets for the Consumer Price Index. The price data is supplemented with scanner data wherefrom 5 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 5.1 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 5.1 per cent in January. In December, it stood at 5.0 per cent. The corresponding figure for Finland was 4.1 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 23 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 4.0 per cent in January

The year-on-year change in the Harmonised Index of Consumer Prices stood at 4.1 per cent in January and that in the Index at Constant Taxes measuring market inflation at 4.0 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 low-alcoholic beers, tobacco and diesel were raised. The month-on-month change in the Harmonised Index of Consumer Prices was 1.4 per cent and that in the Index at Constant Taxes 1.3 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

Head of Department in charge: Hannele Orjala

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Reviews

• Total consumption has risen by over eight per cent in Consumer Price Index weight structure from last year (18.2.2022)

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Appendix tables

• Appendix table 1. Consumer Price Index 2015=100 by commodity groups (18.2.2022)
• Appendix table 2. Consumer Price Index 2015=100 by commodity groups, monthly and annual changes (18.2.2022)
• Appendix table 3. Cost-of-living Index 1951:10=100 (18.2.2022)
• Appendix table 4. Year-on-year changes in the Consumer Price Index, per cent (18.2.2022)
• Appendix table 5. Consumer Price Index 2010=100 (18.2.2022)
• Appendix table 6. Consumer Price Index 2005=100 (18.2.2022)
• Appendix table 7. Harmonised Index of Consumer Prices 2015=100 by commodity groups (18.2.2022)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - January 2022 (18.2.2022)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, January 2022 (18.2.2022)
• 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 2022 (18.2.2022)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2015=100; Finland, euro area and EU (18.2.2022)

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Updated 18.2.2022