15 January, 1999
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 0.8 per cent in December
According to Statistics Finland's Consumer Price Index, consumer prices went up by 0.8 per cent in the year to December. Last year's average rate of inflation was 1.4 per cent. From November to December, prices fell by 0.1 per cent.
Inflation slowed down towards the year end
Having been 1.9 per cent in the early part of last year, the rate of inflation slowed down to 0.8 per cent towards the year end. This was mainly attributable to lower housing loan interest rates, the abolition of stamp duty on loans, and lower prices of electricity, fuels and coffee. Higher housing costs upheld inflation, and the upward effect of higher dwelling prices and rents on inflation amounted to 0.6 percentage points in December.
In the November to December period, consumer prices fell by 0.1 per cent. Prices of package tours, petrol and tangerine oranges went up, whereas those of light fuel oil, used cars and mobile telephones went down.
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| Inflation indicators in Finland | |||
| Point figure | Change on one year | Change on one month | |
| Consumer Price Index (1995=100), December | 103.4 | 0.8% | -0.1% |
| Cost of Living Index (1951:10=100), December | 1,437 | ||
| Harmonised Consumer Price Index of the EU (1996=100), December | 102.6 | 0.8% | -0.1% |
| Indicator of Underlying Inflation (1995=100), November | 102.2 | 0.4% | -0.3% |
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 November inflation rate in the EU in Sweden
According to the Harmonised Consumer Price Index, the slowest November inflation rate in the EU, 0.1 per cent, was recorded in Sweden, and the fastest, 3.9 per cent, in Greece. The corresponding figure for Finland in November was 0.9 per cent. The averages for the EU Member States and the member countries of the EMU were 1.0 and 0.9 per cent, respectively.
In December, the Finnish point figure on the Harmonised Consumer Price Index (1996=100) stood at 102.6 and the year-on-year change at 0.8 per cent. From November to December, the index fell by 0.1 per cent.
Source: Consumer Price Index 1998, December. Statistics Finland.