Inflation 1.1 per cent in January

Corrected on 19 February 2019. The corrected items is indicated in red.

The year-on-year change in consumer prices calculated by Statistics Finland was 1.1 per cent in January. In December, inflation stood at 1.2 per cent. Statistics Finland has updated the commodity basket for the Consumer Price Index and the weight structure at the beginning of January. Drinking glass, frozen food container, plastic carrier bag, hair removal product and baby supply were added to the commodity basket. In addition, total data including sales data on all food products were taken into use.

Inflation indicators in Finland, January 2019

	Point figure	Annual change (%)	Monthly change (%)
Consumer Price Index 2015=100	102.3	1.1	-0.4
Cost-of-living Index 1951:10=100	1950
Harmonised Index of Consumer Prices 2015=100	102.5	1.2	-0.4
Harmonised Index of Consumer Prices at Constant Taxes 2015=100	101.7	1.0	-0.6

Consumer prices were raised most in January by increases in the prices of electricity, fuels, capital repair on detached house, cigarettes and bank charges from one year ago. The rising of consumer prices from one year back was curbed most by reductions in the prices of mobile phones, detached houses, long-distance passenger transport by coach and televisions. From December to January, the month-on-month change of consumer prices was -0.4 per cent, which was caused by lower prices of international flights and package holidays.

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 1.4 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 1.4 per cent in January. In December, it stood at 1.6 per cent. The corresponding figure for Finland was 1.2 per cent in January .

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 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 22 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 1.0 per cent in January

The year-on-year change in the Harmonised Index of Consumer Prices stood at 1.2 per cent in January and that in the Index at Constant Taxes measuring market inflation at 1.0 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.2 percentage points. In January, taxes on alcoholic beverages, tobacco and energy were raised and the vehicle tax on low-emission new cars was lightened. The month-on-month change in the Harmonised Index of Consumer Prices was -0.4 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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Weight structure and commodity basket of the Consumer Price Index are updated for the year 2019 (19.2.2019)

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Appendix tables

Appendix table 1. Consumer Price Index 2015=100 by commodity groups (19.2.2019)
Appendix table 2. Consumer Price Index 2015=100 by commodity groups, monthly and annual changes (19.2.2019)
Appendix table 3. Cost-of-living Index 1951:10=100 (19.2.2019)
Appendix table 4. Year-on-year changes in the Consumer Price Index, per cent (19.2.2019)
Appendix table 5. Consumer Price Index 2010=100 (19.2.2019)
Appendix table 6. Consumer Price Index 2005=100 (19.2.2019)
Appendix table 7. Harmonised Index of Consumer Prices 2015=100 by commodity groups (19.2.2019)

Figures

Updated 19.2.2019

Referencing instructions:

Official Statistics of Finland (OSF): Consumer price index [e-publication].
ISSN=1799-0254. January 2019. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/khi/2019/01/khi_2019_01_2019-02-19_tie_001_en.html