Tuesday. 06.06.2023

Tobacco, electricity and international travel raised inflation in Finland

Mobile phones, television and housing loans became cheaper in February.


The prices of goods and services rose in February in year-on-year terms and the inflation rate stood at 0.8%.

According to Statistics Finland, consumer prices were raised most by increases in the prices of cigarettes, petrol, electricity, package international holidays outside the EU and wireless telephone services.

The rising of consumer prices from one year back was curbed most by reductions in the prices of average interest rate on housing loans, mobile phones and televisions.

From January to February, the month-on-month change of consumer prices was 0.3%, which was caused by higher prices of international flights, for example.

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 in the euro area

According to preliminary data on the Harmonised Index of Consumer Prices, the inflation in the euro area was 1.2% in February. Slightly lower than in January (1.4%). The corresponding figure for Finland was 1.1 per cent in February.

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.

Tobacco, electricity and international travel raised inflation in Finland