Tuesday. 26.09.2023

The prices of goods and services continue to rise in Finland, as in the rest of Europe.

Consumer prices continued to rise in August, and Finland's annual inflation rate reached 2.2%, having been 1.9% in July.

Screenshot 2021-09-14 at 09-19-56 Statistics Finland - Consumer Price IndexSource: Statistics Finland.

According to Statistics Finland's data, consumer prices were raised most in August by increases in the prices of capital repair on detached houses, petrol, detached houses, diesel, and owner-occupied flats from one year ago.

The rising of consumer prices from one year back was curbed most by reductions in the prices of refundable prescription medicines, children’s day care, average interest rate on housing loans and consumer credit, and games of chance.

From July to August, consumer prices rose by 0.2% which was caused by capital repair on detached houses, for example.

Euro area

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was 3% in August, having been 2.2% in July. The corresponding figure for Finland was 1.8% in August.

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.

Fuel and housing prices raise inflation in Finland to 2.2% in August