Tuesday. 28.11.2023

Finland's consumer price inflation accelerated in May to reach its highest level in more than 32 years, largely driven by higher prices of electricity, fuels and food, preliminary data from Statistics Finland showed on Tuesday.

The consumer price index climbed 7% year-over-year in May, well above the 5.7% rise in the previous month.

Moreover, this was the strongest rate of inflation since February 1990, when prices had grown 7.4%.

The recent upturn in inflation was mainly influenced by increased prices of electricity, petrol, diesel, and capital repair on detached houses, the statistical office said.

Transport costs grew significantly by 14.45% annually in May amid rising fuel prices.

Food prices up 9.04%

Prices for food and non-alcoholic beverages surged 9.04% in May from a year ago, and those for utilities rose 8.22%.

On a monthly basis, consumer prices went up 1.31% from April, when they increased by 0.31%.

The Harmonized Index of Consumer Prices, which is the EU measure of inflation, climbed 7.1% annually in May and rose 1.3% from a month ago.

Finland's inflation hits highest level since February 1990