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Consumer price index

Producer: Statistics Finland
Homepage: http:// www.stat.fi/til/khi/index_en.html
Main topic: Prices and Costs
Related topics: National AccountsIncome and Consumption
Official Statistics of Finland (OSF): Yes
European Statistical System (ESS): Yes

Description

The Consumer Price Index describes development in the prices of products and services purchased by households in Finland. The Consumer Price Index is used as a general measure of inflation.

The Consumer Price Index is calculated with a method in which the prices of different commodities are weighed together with their shares of consumption. The calculation of the index follows Laspeyres’ price index formula whereby the shares of consumption used as the weights relate to the base period.

Consumer price indices that are reviewed at intervals of a fixed number of years are suitable for short-term examinations. From the user’s point of view, the Cost-of-living Index is the most practical, because index revisions do not interrupt the series. The Cost-of-living Index 1951:10=100 is a long time series calculated by chaining from the latest Consumer Price Index 2015=100, for which reason its development follows the Consumer Price Index. The point figures are published monthly at the same time as the Consumer Price Index. The index adjustment of rental agreements on dwellings, business premises and land can be tied to the Cost-of-living Index.

In addition to their national Consumer Price Index, the Member States of the European Union also produce a Harmonised Index of Consumer Prices. Its main purpose is to enable comparisons of inflation between the EU Member States. The European Central Bank uses the Harmonised Index of Consumer Prices as the measure of inflation in its monetary policy.

Calculation of the Harmonised Index of Consumer Prices is guided by EU Regulations. Eurostat, the Statistical Office of the European Union, calculates the European Index of Consumer Prices and the Monetary Union Index of Consumer Prices by weighting together the Harmonised Indices of Consumer Prices calculated by the Member States.

The Finnish Harmonised Index of Consumer Prices is mainly based on the same price data and national accounts data as the Finnish national Consumer Price Index. The development of the Harmonised Index of Consumer Prices deviates slightly from that of the national consumer price indices, because it includes fewer commodities. In the Harmonised Index of Consumer Price, the concept of consumption excludes owner-occupancy, games of chance, interests and tax-like payments. Its coverage of the national Consumer Price Index is therefore slightly less than 85 per cent.

Data content

The Consumer Price Index describes changes in consumer prices according to the consumption structure of an average household. It comprises the price development of the overall index, commodity groups and 498 commodities. Data on an individual data outlet are confidential and are not released in identifiable form to parties outside Statistics Finland. Detailed data on the commodities on which data are collected are also confidential.

The Cost-of-living Index describes changes in consumer prices according to the consumption structure of an average household. It comprises the price development of the overall index and six sub-categories.

The Harmonised Index of Consumer Prices describes changes in consumer prices according to the consumption concept and calculation methods harmonised within the EU. It is based on the price data collected for the Consumer Price Index but is less exhaustive in coverage; e.g. interest rates and most of the costs of owner-occupied dwellings are excluded from the harmonised index. The index comprises and overall index and approximately 100 sub-indices by commodity group.

Classifications used

The Classification of Individual Consumption by Purpose (COICOP) is used in the Consumer Price Index and the Harmonised Index of Consumer Prices. The classification has been confirmed with Council Regulation (EC) No 2214/96.

NUTS 2 is used as the regional classification in the Consumer Price Index.

Data collection methods and data sources

Each mid-month, Statistics Finland’s interviewers collect around 50,000 prices from approximately 2,600 outlets for the indices. The outlets included in the collection are drawn partly by random sampling and partly by judicious sampling. In addition, price data are gathered by centralised collection by Statistics Finland. In January 2019, scanner data were introduced covering sales volumes and prices of food products sold in daily consumer goods trade. The data partly complement regional collection of food prices.

Price data produced by other statistics, such as Statistics Finland's statistics on rents of dwellings, statistics on real estate prices, real estate price index and building cost index, are also gathered centrally. Some authorities, such as the National Institute for Health and Welfare, the Social Insurance Institution of Finland and Valvira, the National Supervisory Authority for Welfare and Health, produce data that are included in the calculation of the Consumer Price Index.

Monthly.

Time of completion or release

The indices are published on the 14th day of the month following the statistical reference month. If the day concerned falls on a weekend or a public holiday, the statistics are published on the weekday nearest to it.

The preliminary Harmonised Index of Consumer Prices data for the euro area are published on the Eurostat’s Internet pages a few days after the end of the statistical reference month. Eurostat published the final detailed data by country in its own release generally some days after the national day of publication.

Time series

The Consumer Price Index is available by the COICOP classification since 1995 and by the old classification since 1981.

The Cost-of-living Index has been calculated monthly since 1951. Data are available from 1914 onwards by special order.

Data on the Harmonised Index of Consumer Prices are available from 1996 onwards.

Keywords

consumer price index, consumer prices, cost of living, cost-of-living index, harmonised index of consumer prices, indices, inflation, international comparison, price indices, prices

Contact information

http://tilastokeskus.fi/til/khi/yht_en.html

Last updated 13.01.2022