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Published: 14 June 2013

Increasing food prices maintain inflation

The year-on-year change in consumer prices, i.e. inflation, calculated by Statistics Finland was 1.6 per cent in May. In April it was 1.5 per cent. Starting from January, the Consumer Price Index is a chain index, where the commodity basket and weights are updated annually.

Inflation indicators in Finland, May 2013

	Point figure	Change on one year	Change on one month
Consumer Price Index 2010=100	108,0	1,6 %	0,0 %
Cost-of-living Index 1951:10=100	1 892
Harmonised Index of Consumer Prices 2005=100	120,5	2,5 %	0,0 %
Harmonised Index of Consumer Prices at Constant Taxes 2005=100	117,9	1,8 %	0,0 %

In May, consumer prices were pushed up clearly most year-on-year by risen prices of food. Food prices went up mostly due to higher prices of vegetables, meat, fruit and dairy products. Increases in restaurant prices and rents also affected inflation. The rising of consumer prices was curbed most in May by fallen interest rates and prices of telecommunication services and entertainment electronics from the year before. From April to May, consumer prices remained unchanged on the average.

Each mid-month, Statistics Finland's interviewers collect altogether around 50,000 prices on 486 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 accelerated to 1.4 per cent in May

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area accelerated to 1.4 per cent in May. In April, it was 1.2 per cent. The corresponding figure for Finland was 2.5 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 or 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 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 14 June. 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 1.8 per cent in May

The year-on-year change in the Harmonised Index of Consumer Prices stood at 2.5 per cent in May and that in the Index at Constant Taxes measuring market inflation at 1.8 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.7 percentage points. The month-on-month change in both the Harmonised Index and the Index of Consumer Prices at Constant Taxes was 0.0 per cent in May. There were no changes in tax rates in May.

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 (14.6.2013)
• Appendix table 2. Cost-of-living Index 1951:10=100 (14.6.2013)
• Appendix table 3. Year-on-year changes in the Consumer Price Index, per cent (14.6.2013)
• Appendix table 4. Consumer Price Index 2000=100 (14.6.2013)
• Appendix table 5. Consumer Price Index 2005=100 (14.6.2013)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - May 2013 (14.6.2013)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, May 2013 (14.6.2013)
• Appendix figure 3. Annual change in the Harmonised Index of Consumer Prices and the Harmonised Index of Consumer Prices at Constant Taxes, January 2007 - May 2013 (14.6.2013)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2005=100; Finland, Euro area and EU (14.6.2013)

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Updated 14.6.2013