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Published: 14 January 2013

Inflation 2.4 per cent in December

The year-on-year change in consumer prices, i.e. inflation, calculated by Statistics Finland was 2.4 per cent in December. In November, it stood at 2.2 per cent. The slight acceleration in inflation was above all due to increases in the prices of air travel and vegetables. The average inflation rate for the year 2012 was 2.8 per cent.

Inflation indicators in Finland, December 2012

	Point figure	Change on one year	Change on one month
Consumer Price Index 2010=100	106,8	2,4 %	0,1 %
Cost-of-living Index 1951:10=100	1 871
Harmonised Index of Consumer Prices 2005=100	119,0	3,5 %	0,2 %
Harmonised Index of Consumer Prices at Constant Taxes 2005=100	117,2	2,6 %	0,2 %

In December, consumer prices were pushed up most from the previous year by risen prices of food, transport, alcoholic beverages and tobacco. The cost of food went up most due to increases in the prices of meat, vegetables, dairy products and fruits. Transport costs rose especially due to increases in the prices of public transport and fuel, and the raised vehicle tax. Increases in prices of restaurant and café services and in rents similarly had a great impact on inflation. The rising of consumer prices was curbed most in December by fallen interest rates and prices of telecommunication services from the year before. From November to December, consumer prices rose by 0.1 per cent.

Each mid-month, Statistics Finland interviewers collect altogether around 50,000 prices on 483 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. The Consumer Price Index 2010=100 Handbook for Users is available on the CPI-home page (www.stat.fi).

According to preliminary data, inflation in the euro area was 2.2 per cent in December

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area in December was unchanged from November, i.e. 2.2 per cent. The corresponding inflation for Finland in December was 3.5 per cent.

The Harmonised Index of Consumer Prices does not include owner-occupancy, games of chance, interests on consumption and other credits, fire insurance on detached houses or 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 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 December on 16 January. Information of inflation in EU countries is available on Eurostat homepage, eurostat (http://ec.europa.eu/eurostat).

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 2.6 per cent in December

The year-on-year change in the Harmonised Index of Consumer Prices stood at 3.5 per cent in December and that in the Index at Constant Taxes measuring market inflation at 2.6 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.9 percentage points. The month-on-month change in both the Harmonised Index and the Index of Consumer Prices at Constant Taxes was 0.2 per cent in December. There were no changes in tax rates in December.

Harmonised Index of Consumer Prices at Constant Taxes

The inflation measured by Consumer Price Index consists mainly of products and services priced by enterprises and the public sector, and value added and commodity taxes. Some 25 per cent of the private consumption described by the Harmonised Index of Consumer Prices (HICP) consists of value added or other taxes. The Harmonised Index of Consumer Prices at Constant Taxes (HICP-CT) is based on the HICP so the two indices have the same weight structure and price data. HICP-CT is calculated with a method which holds the tax rate constant relative to the reference period. When tax changes take place, the impact of the tax change on commodity prices is eliminated from HICP-CT. The price impact of the tax changes is obtained by comparing the development of the HICP and HICP-CT.

Source: Consumer Price Index, Statistics Finland

Inquiries: Juhani Pekkarinen 09 1734 3476, Johanna Leivo 09 1734 3397, khi@stat.fi

Director in charge: Leena Storgårds

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Appendix tables

• Appendix table 1. Consumer Price Index 2010=100 by commodity groups (14.1.2013)
• Appendix table 2. Cost-of-living Index 1951:10=100 (14.1.2013)
• Appendix table 3. Year-on-year changes in the Consumer Price Index, per cent (14.1.2013)
• Appendix table 4. Consumer Price Index 2000=100 (14.1.2013)
• Appendix table 5. Consumer Price Index 2005=100 (14.1.2013)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - December 2012 (14.1.2013)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, December 2012 (14.1.2013)
• Appendix figure 3. Annual change in the Harmonised Index of Consumer Prices and the Harmonised Index of Consumer Prices at Constant Taxes, January 2007 - December 2012 (14.1.2013)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2005=100; Finland, Euro area and EU (14.1.2013)

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Updated 14.1.2013