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Published: 19 February 2018

Inflation 0.8 per cent in January

The year-on-year change in consumer prices calculated by Statistics Finland was 0.8 per cent in January. In December, inflation stood at 0.5 per cent. Statistics Finland has updated the commodity basket for the consumer price index and the weight structure of consumption at the beginning of January. For example, music streaming services were added to the commodity basket and landline telephone call charges and video camera were removed due to low consumption.

Inflation indicators in Finland, January 2018

	Point figure	Annual change (%)	Monthly change (%)
Consumer Price Index 2015=100	101.2	0.8	-0.3
Cost-of-living Index 1951:10=100	1929
Harmonised Index of Consumer Prices 2015=100	101.3	0.9	-0.3
Harmonised Index of Consumer Prices at Constant Taxes 2015=100	100.7	0.5	-0.6

Consumer prices were raised most in January by increases in the prices of cigarettes, the vehicle tax and rents from one year ago. Compared to one year ago, the biggest decreases were recorded in the consumer prices of children’s day care, mobile telephones, real estate and second-hand passenger cars. From December to January, consumer prices changed by -0.3 per cent.

Each mid-month, Statistics Finland's interviewers collect altogether around 50,000 prices on nearly 470 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 euro area was 1.3 per cent in January

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was 1.3 per cent in January. In December, it stood at 1.4 per cent. The corresponding figure for Finland in January was 0.9 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, the vehicle tax or fishing and hunting fees. 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 eurozone 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 January on 23 February. Information of inflation in EU countries is available on Eurostat homepage, (http://ec.europa.eu/eurostat/web/main).

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 0.5 per cent in January

The year-on-year change in the Harmonised Index of Consumer Prices stood at 0.9 per cent in January and that in the Index at Constant Taxes measuring market inflation at 0.5 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.4 percentage points. In January, the excise duty on alcoholic beverages, the tobacco tax and the energy tax on heating fuels were raised and the vehicle tax on new low emission cars was lowered. The month-on-month change in the Harmonised Index of Consumer Prices was -0.3 per cent and that in the Index at Constant Taxes -0.6 per cent in January.

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: Kristiina Nieminen 029 551 2957, Satu Montonen 029 551 3205, khi@stat.fi

Director in charge: Ville Vertanen

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Reviews

• Weight structure and commodity basket of the Consumer Price Index are updated for the year 2018 (19.2.2018)

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Appendix tables

• Appendix table 1. Consumer Price Index 2015=100 by commodity groups (19.2.2018)
• Appendix table 2. Consumer Price Index 2015=100 by commodity groups, monthly and annual changes (19.2.2018)
• Appendix table 3. Cost-of-living Index 1951:10=100 (19.2.2018)
• Appendix table 4. Year-on-year changes in the Consumer Price Index, per cent (19.2.2018)
• Appendix table 5. Consumer Price Index 2010=100 (19.2.2018)
• Appendix table 6. Consumer Price Index 2005=100 (19.2.2018)
• Appendix table 7. Harmonised Index of Consumer Prices 2015=100 by commodity groups (19.2.2018)

Figures

• Appendix figure 1. Annual change in the Consumer Price Index and the Harmonised Index of Consumer Prices, January 2001 - January 2018 (19.2.2018)
• Appendix figure 2. Goods and services with the largest impact on the year-on-year change in the Consumer Price Index, January 2018 (19.2.2018)
• Appendix figure 3. Annual change in the Harmonised Index of Consumer Prices and the Harmonised Index of Consumer Prices at Constant Taxes, January 2007 - January 2018 (19.2.2018)
• Appendix figure 4. Harmonised Index of Consumer Price Index 2015=100; Finland, euro area and EU (19.2.2018)

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Updated 19.2.2018