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Published: 14 June 2010

Inflation 1.0 per cent in May

The year-on-year change in consumer prices, i.e. inflation, calculated by Statistics Finland rose to 1.0 per cent in May. In April it was 0.9 per cent.

Inflation indicators in Finland, May 2010

	Point figure	Change on one year	Change on one month
Consumer Price Index 2005=100	109,4	1,0 %	-0,1 %
Cost-of-living Index 1951:10=100	1 747
Harmonised Index of Consumer Prices 2005=100	110,3	1,4 %	-0,2 %
Harmonised Index of Consumer Prices at Constant Taxes 2005=100	110,3	1,8 %	-0,2 %

In May, consumer prices were pushed up most year-on-year by risen prices of liquid fuels. The rising of prices was also influenced by increases in the prices of owner-occupied dwellings and real estate, restaurant and cafe services, as well as by risen retail prices of alcoholic beverages and rent increases. Inflation was curbed most by fallen food prices and interest rates from last year’s May.

From April to May consumer prices fell by 0.1 per cent. This was above all due to fallen prices of vegetables..

Each mid-month, Statistics Finland interviewers collect altogether 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.

According to preliminary data, inflation in the EMU countries was 1.6 per cent in May

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the EMU countries was 1.6 per cent in May. In April it was 1.5 per cent. The corresponding figure for Finland in May was 1.4 per cent.

The Harmonised Index of Consumer Prices does not include owner-occupancy, games of chance, interests on consumption and other credits or levies such as asset transfer tax and the vehicle tax. 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 EMU area is based on preliminary data from EMU Member States and on the price development of energy. Eurostat will publish detailed data on the Harmonised Indices of Consumer Prices for May on 16 June.

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 1.8 per cent in May

The year-on-year change in the Harmonised Index of Consumer Prices thus stood at 1.4 per cent in May and that in the Index at Constant Taxes measuring market inflation at 1.8 per cent. Over the past twelve months, the lowering impact of changes in commodity tax rates on consumer prices was thus 0.4 percentage points. The month-on-month change in both the Harmonised Index of Consumer Prices and that of at Constant Taxes was -0.2 per cent in May. No commodity tax changes occurred in May.

In the Index at Constant Taxes the impact of the changes in the value added tax and other commodity taxes on inflation 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 that of at Constant Taxes.

Source: Consumer Price Index, Statistics Finland

Inquiries: Juhani Pekkarinen (09) 1734 3476, Antti Halmetoja (09) 1734 3475, khi@stat.fi

Director in charge: Kari Molnar

Consumer price index 2010, May (pdf 244.4 kB)

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Appendix tables

• Cost-of-living Index 1951:10=100 (14.6.2010)
• Year-on-year changes in the Consumer Price Index (14.6.2010)

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Updated 14.6.2010