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News 30 Jun 2023

Change in measurement method in the Consumer Price Index may cause correction to the electricity index series

Statistics Finland has detected a possible need for correction in the electricity sub-index of the Consumer Price Index due to a change in measurement method.

The reason for possible corrections is likely connected to the data sources we used for price monitoring during 2022. Due to problems related to the data sources, we changed data source in September 2022 to Statistics Finland’s own price inquiry on electrical energy. However, according to our preliminary examination, the changes in electricity prices, i.e., increases and reductions, have not been transmitted to the index in a timely manner. If the need for correction is confirmed, the correction will be downward based on the statistics on energy prices. Detailed assessments of the magnitude of the correction and correction method will be made during summer.

Possible corrections due to the change in method will be discussed with Eurostat in accordance with Article 9 of Regulation (EU) 2016/792 on harmonised indices of consumer prices.

If the need for correction is confirmed, a more detailed schedule will be agreed on with Eurostat. We aim to correct the data in the publication of the index for August. Preliminary data for August will be published on 31 August 2023 and the final index on 14 September 2023. Preliminary data comprise only the Harmonised Index of Consumer Prices. The actual release includes the national Consumer Price Index and the Harmonised Index of Consumer Prices. In accordance with international principles, the Consumer Price Index (CPI) is not revised retrospectively.

The possible correction impacts the indices for the following commodity groups:

•    0 Overall index
•    04 Housing, water, electricity, gas and other fuels
•    04.5 Electricity, gas and other fuels
•    04.5.1 Electricity
•    04.5.1.0 Electricity
•    04.5.1.0.1 Electricity
•    04.5.1.0.1.1 Electricity

We will release more detailed information on the magnitude of the correction, its impact and the need for correction in connection with the release of preliminary data on the Harmonised Index of Consumer Prices on 31 August 2023.

Further information:
Senior Statistician Satu Montonen, tel. +358 29 551 3205
Senior Statistician Hannele Markkanen tel. +358 29 551 3358
kuluttajahintaindeksi@stat.fi