Thursday. 28.09.2023

The prices of goods and services in Finland became more expensive in May. The annual inflation rate rose one tenth compared to April, although it is still at negative values ​​(-0.2%).

According to Statistics Finland, the increase in inflation was caused by higher prices of long-distance train journeys, international flights, cigarettes and children's day care, as well as higher maintenance charges from one year ago.

The rising of consumer prices from one year back was curbed most by reductions in the prices of petrol, light fuel oil, diesel and hotel room. From April to May, the month-on-month change of consumer prices was -0.0 per cent.Inflation-MaySource: Statistics Finland.

Core inflation (inflation excl. food and energy) was 0.4 in May.

Inflation on food (incl. non-alcoholic beverages) was 2.4 per cent in May and inflation on energy (incl. fuels, electricity, petrol) -11.7 per cent.

Each mid-month, Statistics Finland's interviewers collect altogether 44,000 prices on nearly 470 commodities from approximately 2,700 outlets for the Consumer Price Index. Price data is supplemented with scanner data including around 3 million food prices.

In addition, some 1,000 items of price data are gathered by centralised collection.

Inflation 0.1% in the euro area

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was 0.1 per cent in May. The final euro area inflation for April was 0.3 per cent. The corresponding figure for Finland was -0.1 per cent in May.

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.

Train and plane travel prices increased, fuel and hotels fell