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Published: 14 August 2008

Inflation 4.4 per cent in July

The year-on-year change in consumer prices, i.e. inflation, calculated by Statistics Finland was the same in July as in June, namely 4.4 per cent.

Consumer prices were pushed up most in the year by increases in the prices of housing, food and automotive fuels. Housing costs went up primarily due to risen energy prices, rents and interest rates. The cost of food went up mostly due to risen prices of dairy products, but the prices of meat and cereal products increased as well. Inflation was also pushed up by risen prices of restaurant and café services and retail prices of alcoholic beverages from last year's July. The rise in consumer prices was curbed most in July by fallen prices of passenger cars as well as entertainment electronics and computers.

From June to July consumer prices fell by 0.1 per cent, primarily due to clothing sales.

Each mid-month, Statistics Finland interviewers collect around 50,000 prices on 497 commodities from approximately 2,700 outlets for the Consumer Price Index. In addition, some 1,000 items of price data are gathered by centralised collection.

Finland's inflation indicators, July 2008

	Point figure	Year-on-year change	Month-on-month change
Consumer Price Index 2005=100	108.6	4.4 %	-0.1 %
Cost-of-living Index 1951:10=100	1 734
Harmonised Index of Consumer Prices 2005=100	107.2	4.3 %	-0.3 %

According to preliminary data, inflation in the EMU countries was 4.1 per cent in July

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the EMU countries was 4.1 per cent in July. In June it was 4.0 per cent. The corresponding figure for Finland was 4.3 per cent in July.

Eurostat's estimate of inflation in the EMU area is based on preliminary data from EMU Member States and on the price development of energy. Eurostat will publish detailed data on Harmonised Indices of Consumer Prices for July on 14 August.

Source: Consumer Price Index 2008, July. Statistics Finland

Inquiries: Mr Juhani Pekkarinen +358 9 1734 3476, Ms Kati Heikkinen +358 9 1734 3472, khi.tilastokeskus@stat.fi

Director in charge: Mr Kari Molnar

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• Cost-of-living Index 1951:10=100 (14.8.2008)

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Last updated 14.8.2008