15 December 1997
Inquiries: Ms Arja Kinnunen, tel. +358 9 1734 3479,
and Mr Juhani Pekkarinen, tel. +358 9 1734 3476
Harmonised Consumer Price Index of the EU: Mr Jarko Pasanen, tel.
+358 9 1734 3423
Statistical Director in charge: Mr Jarmo Hyrkkö
Inflation accelerated slightly in November
According to Statistics Finland's consumer price index, consumer prices were up by 1.9 per cent in the year to November. The rate of inflation continued to accelerate slightly, having been 1.7 per cent in October. In the October to November period, prices fell by 0.1 per cent.
Price development in the year: housing and food prices increase most
Inflation was accelerated most, or by 0.6 percentage points, by increases in housing costs. Prices in the housing, heating and lighting commodity group of the consumer price index went up by 3.6 per cent. Increased housing costs were primarily due to rising house prices, but increases in rents and electricity prices were also contributory factors.
The price of food went up by 3.4 per cent, pushing inflation up by 0.4 percentage points. Just over half of the rise in food prices was due to an increase in the price of coffee, but prices for fruit, as well as bread and cereal products went up, too. Rising prices of alcoholic beverages, used cars, package holidays and cigarettes also pushed consumer prices up.
Inflation continued to be curbed most by cuts in housing and consumer loan interest rates. This curtailed the year-on-year change in the consumer price index by 0.2 percentage points.
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| Price development over the year, % | |||
| Prices that rose most 11/1996 - 11/1997 | Prices that fell most 11/1996 - 11/1997 | ||
| Coffee | 51.8 |
Computer games | 30.2 |
| Peppers | 21.8 |
Cucumber | 18.,6 |
| Onion | 21.6 |
Head cabbage | 15.6 |
| Banana | 20.4 |
Carrot | 13.8 |
| Kiwi fruit | 16.8 |
Shrimps | 12.3 |
Price development from October to November: cheaper travel by train
Consumer prices fell by 0.1 per cent from October to November. The main contributors to this were the launching of reduced price train fares and a slight drop in cucumber, orange and coffee prices. Package holiday and light fuel oil prices also fell in November, whereas prices for used cars, and bread and cereal products, along with interest rates, were slightly up.
Over 40 000 prices are collected for the consumer price index from about 2 000 outlets each mid-month. In addition, price data on some 600 items are gathered by centralised collection.
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| Inflation indicators in Finland | |||
| Point figure | Change on one year | Change on one month | |
| Consumer Price Index (1990=100), November |
114.8 | 1.9 % | -0.1 % |
| Cost of Living Index (1951:10=100), November |
1 425 | ||
| Harmonised Consumer Price Index of the EU (1996=100), November | 101.8 | 1.7 % | -0.1 % |
| Indicator of underlying
inflation (1990=100), October |
113.1 | 1.2 % | 0.2 % |
Ireland has again lowest EU inflation rate in October
In October, the lowest inflation rate within the EU was again recorded in Ireland, at 0.8 per cent, while Greece had the highest rate, at 4.6 per cent. The harmonised EU consumer price index put the figure for Finland, 1.6 per cent, just below the EU average of 1.7 per cent.
In November, the Finnish point figure on the harmonised consumer price index (1996=100) was 101.8 with the year-on-year change at 1.7 per cent. From October to November, the index fell by 0.1 per cent.
Source: Consumer price index 1997, November. Statistics Finland