Home > Statistics > Consumer price index > 2014 > December > Inflation fell to 0.5 per cent in December

Published: 14 January 2015

Inflation fell to 0.5 per cent in December

The year-on-year change in consumer prices calculated by Statistics Finland was 0.5 per cent in December. In November, it stood at 1.0 per cent. The inflation slowed down particularly because prices of petrol and light fuel oil went down. In 2014, the average inflation rate was 1.0 per cent.

Inflation indicators in Finland, December 2014

	Point figure	Year-on-year change	Change on one month
Consumer Price Index 2010=100	109,0	0,5 %	-0,1 %
Cost-of-living Index 1951:10=100	1 910
Harmonised Index of Consumer Prices 2005=100	121,9	0,6 %	-0,1 %
Harmonised Index of Consumer Prices at Constant Taxes 2005=100	118,7	0,1 %	-0,2 %

In December, consumer prices were pushed up most from the previous year by risen rents, increases in the retail prices of tobacco products, and price increases in maintenance services of blocks of flats. The rising of consumer prices was curbed most in December by fallen prices of liquid fuels, entertainment electronics and used cars from the year before. From November to December, consumer prices fell by 0.1 per cent, primarily due to decreases in the prices of liquid fuels.

Each mid-month, Statistics Finland's interviewers collect altogether around 50,000 prices on nearly 500 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 -0.2 per cent in December

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was -0.2 per cent in December. In November, it stood at 0.3 per cent. The inflation for Finland calculated in the same manner was 0.6 per cent in December.

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 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 0.1 per cent in December

The year-on-year change in the Harmonised Index of Consumer Prices stood at 0.6 per cent in December and that in the Index at Constant Taxes measuring market inflation at 0.1 per cent. Over twelve months, the changes in commodity tax rates thus boosted consumer prices by 0.5 percentage points. The month-on-month change in the Harmonised Index of Consumer Prices was -0.1 per cent and that in the Index at Constant Taxes -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: Ilkka Lehtinen 029 551 3478, Kristiina Nieminen 029 551 2957, 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 (14.1.2015)
• Appendix table 2. Cost-of-living Index 1951:10=100 (14.1.2015)
• Appendix table 3. Year-on-year changes in the Consumer Price Index, per cent (14.1.2015)
• Appendix table 4. Consumer Price Index 2000=100 (14.1.2015)
• Appendix table 5. Consumer Price Index 2005=100 (14.1.2015)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - December 2014 (14.1.2015)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, December 2014 (14.1.2015)
• 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 2014 (14.1.2015)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2005=100; Finland, euro area and EU (14.1.2015)

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Updated 14.1.2015