15 December, 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 9
1734 3501
Director in charge: Mr Jarmo Hyrkkö
Inflation slowed down to 0.9 per cent in November
According to Statistics Finland's Consumer Price Index, consumer prices went up by 0.9 per cent in the year to November. Inflation was last this low in March 1997.
Consumer prices fell from October to November
The rate of inflation was curbed in November by lower prices of electricity, light fuel oil, petrol and coffee. Increases in consumer prices were further suppressed by lower interest rates on housing loans and the abolition of stamp duty on loans.
Prices of housing, heat and light went up by 1.9 per cent in the year, pushing the price level up by 0.4 percentage points. Increases in housing costs were curbed by lower energy prices.
In the October to November period, consumer prices fell by 0.3 per cent. Prices of package tours, petrol and coffee went down, whereas prices of used cars, for example, went up.
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| Inflation indicators in Finland | |||
| Point figure | Change on one year | Change on one month | |
| Consumer Price Index (1995=100), November | 103.4 | 0.9% | -0.3% |
| Cost of Living Index (1951:10=100), November | 1 438 | ||
| Harmonised Consumer Price Index of the EU (1996=100), November | 102.7 | 0.9% | -0.3% |
| Indicator of Underlying Inflation (1995=100), October | 102.5 | 0.7% | -0.1% |
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 October inflation rate in the EU in Sweden
According to the Harmonised Consumer Price Index, the slowest
October inflation rate in the EU, 0.1 per cent,
was recorded in Sweden, and the fastest, 4.5 per cent, in Greece.
The corresponding figure for Finland was 1.1 per cent. The averages
for the EU Member States and the member countries of the EMU were
1.1 and 1.0 per cent, respectively.
In November, the Finnish point figure on the Harmonised Consumer Price Index (1996=100) stood at 102.7 and the year-on-year change at 0.9 per cent. From October to November, the index fell by 0.3 per cent.
Source: Consumer Price Index 1998, November. Statistics Finland