Inflation 1.5 per cent in May 2024

Release related to topics:Prices and consumption Energy

release 14/06/2024 | Consumer price index 2024, May

Correction

Adjustment of the price index of electricity in the releases of the Consumer Price Index and the Harmonised Index of Consumer Prices for August 2023

Inflation indicators in Finland, May 2024

	Point figure	Annual change (%)	Monthly change (%)
Consumer Price Index 2015=100	122.3	1.5	-0.1
Cost-of-living Index 1951:10=100	2330
Harmonised Index of Consumer Prices 2015=100	119.7	0.5	-0.1
Harmonised Index of Consumer Prices at Constant Taxes 2015=100	118.1	0.5	-0.1

The table depicts the point figures for all Statistics Finland's published series.

Key selections

Consumer prices were raised most in May 2024 by increases in average interest rate on housing loans, consumer credits and the prices of package international holidays outside the EU from one year ago.
The rising of consumer prices from one year back was curbed most by reductions in the prices of electricity, children's day care and real estates.
The month-on-month change of consumer prices was -0.1 per cent, which was caused by lower prices of real estates and electricity, for example.
The core inflation of Consumer Price Index was 2.8 per cent. Core inflation does not include food and energy price changes, as the short-term price fluctuations in these are higher compared to other commodity groups.
The price index of electricity was adjusted downwards in September 2023 concerning the data for August 2023. The adjustment does not affect the use of the Consumer Price Index. Officially published figures are always used in index adjustments.

According to preliminary data, inflation in the euro area was 2.6 per cent in May 2024

According to the preliminary data on the Harmonised Index of Consumer Prices (HICP), the rate of inflation in the euro area was 2.6 per cent in May. In April, it stood at 2.4 per cent. The corresponding figure for Finland was 0.5 per cent in May.

The Harmonised Index of Consumer Prices does not include owner-occupancy, games of chance, interests on consumption and other credits, fire insurance on owner-occupied dwellings, the vehicle tax or fishing and hunting fees. The consumption items included in the Harmonised Index of Consumer Prices, as well as the rules governing its compilation, have been defined in EU regulations.

Eurostat’s estimate of inflation in the euro area is based on preliminary data from the Member States and on the price development of energy. Eurostat will publish detailed data on Harmonised Indices of Consumer Prices for May on 18 June.

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 0.5 per cent in May 2024

The year-on-year change in the Harmonised Index of Consumer Prices (HICP) stood at 0.5 per cent in May and that in the Index at Constant Taxes (HICP-CT) measuring market inflation at 0.5 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.0 percentage points. The month-on-month change in the Harmonised Index of Consumer Prices was -0.1 per cent and that in the Index at Constant Taxes -0.1 per cent in May.

In the Index at Constant Taxes, the impact on inflation from changes in the value added tax and other commodity taxes has been eliminated by keeping the taxes constant relative to the index base period. The Index measures market inflation or the change in prices caused by reasons other than changes in commodity taxes. The price impact of the tax changes is obtained by comparing the development of the Harmonised Index of Consumer Prices and the Index at Constant Taxes.