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Published: 14 January 2014

Inflation accelerated to 1.6 per cent in December

The year-on-year change in consumer prices compiled by Statistics Finland was 1.6 per cent in December. In November, it stood at 1.4 per cent. The slight acceleration in inflation was primarily caused by an upturn in the prices of petrol and mobile communication services. The average inflation for the year 2013 was 1.5 per cent.

Inflation indicators in Finland, December 2013

	Point figure	Year-on-year change	Change on one month
Consumer Price Index 2010=100	108,5	1,6 %	0,4 %
Cost-of-living Index 1951:10=100	1 901
Harmonised Index of Consumer Prices 2005=100	121,3	1,9 %	0,4 %
Harmonised Index of Consumer Prices at Constant Taxes 2005=100	118,7	1,2 %	0,4 %

In December, consumer prices were pushed up most in the year by higher prices of food, housing, and restaurant and café services. Food prices went up above all due to higher prices of dairy products, vegetables and meat. Rent increases were, in turn, the main reason for increased housing costs. The rising of consumer prices was still curbed most in December by fallen interest rates and prices of entertainment electronics from the year before. From November to December, consumer prices went up by 0.4 per cent, primarily due to increases in the prices of food and air travel.

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 was 0.8 per cent in December

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was 0.8 per cent in December. In November, it stood at 0.9 per cent. The corresponding inflation for Finland in December was 1.9 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 owner-occupied dwellings 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 1.2 per cent in December

The year-on-year change in the Harmonised Index of Consumer Prices stood at 1.9 per cent in December and that in the Index at Constant Taxes measuring market inflation at 1.2 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 0.4 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, Mari Ylä-Jarkko 09 1734 3310, 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 (14.1.2014)
• Appendix table 2. Cost-of-living Index 1951:10=100 (14.1.2014)
• Appendix table 3. Year-on-year changes in the Consumer Price Index, per cent (14.1.2014)
• Appendix table 4. Consumer Price Index 2000=100 (14.1.2014)
• Appendix table 5. Consumer Price Index 2005=100 (14.1.2014)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - December 2013 (14.1.2014)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, December 2013 (14.1.2014)
• 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 2013 (14.1.2014)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2005=100; Finland, euro area and EU (14.1.2014)

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Updated 14.1.2014