15 September, 1998
Inquiries: Ms Arja Kinnunen + 358 9 1734 3479, Ms
Mari Suviranta + 358 9 1734 3501
Harmonised Consumer Price Index of the EU: Ms Mari Suviranta + 358
1734 3501
Director in charge: Mr Jarmo Hyrkkö
August inflation 1.1 per cent
According to Statistics Finland's Consumer Price Index, consumer prices rose by 1.1 per cent in the year to August. Inflation was kept down by the abolition of stamp duty on loans, in particular. From July to August, prices went by up 0.1 per cent.
Higher housing and food prices pushed price level up most over the year
Prices of housing, heat and light went up by 1.9 per cent over the year, pushing the price level up by 0.4 percentage points. Higher dwelling prices accounted for 0.3 percentage points of this total. Prices of food and non-alcoholic beverages went up by 1.7 per cent, mainly due to higher prices of fresh and root vegetables. The price of cucumber was up by 61 per cent and that of fresh peppers by 55 per cent compared to last August.
Inflation was curbed most in August by the abolition of stamp duty on loans and lower prices of light fuel oil, petrol and coffee. Increases in consumer prices were also curbed by lower prices of mobile telephones and iceberg lettuce.
In the July to August period, consumer prices went up by 0.1 per cent. Prices of fresh and root vegetables were up because of the poor summer. Prices of air travel and mobile telephone calls also went up as special summer prices came to an end. In contrast, prices of package tours went down by 4.5 per cent from July to August.
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| Inflation indicators in Finland | |||
| Point figure | Change on one year | Change on one month | |
| Consumer Price Index (1995=100), August | 103.4 | 1.1 % | 0.1 % |
| Cost of Living Index (1951:10=100), August | 1 437 | ||
| Harmonised Consumer Price Index of the EU (1996=100), August | 102.7 | 1.1 % | 0.2 % |
| Indicator of Underlying Inflation (1995=100), July | 102.3 | 0.9 % | -0.4 % |
Each mid-month, Statistics Finland interviewers collect over 50 000 prices from approximately 2 000 outlets for the Consumer Price Index. In addition, some 600 items of price data are gathered by centralised collection.
Slowest July inflation rate in the EU in France and Austria
According to the Harmonised Consumer Price Index of the EU, the slowest July inflation rate of 0.8 per cent was recorded in France and Austria. The corresponding figure for Finland was 1.1 per cent and the average for the EU 1.5 per cent. In the member countries of the EMU, the average inflation rate in July was 1.4 per cent. In August, the Finnish point figure on the Harmonised Consumer Price Index (1996=100) stood at 102.7 and the year-on-year change at 1.1 per cent. From July to August, the index rose by 0.2 per cent.
Source: Consumer Price Index 1998, August. Statistics Finland