Fuel prices spike Finland's inflation

Consumer prices in Finland increased more sharply in March than in recent months, up to 1.3% year-on-year, mainly driven by higher fuel prices.

Annual inflation had been 0.9% in February and 0.2% in January. At the end of 2020, the first year of the coronavirus pandemic, inflation was only two tenths and stood at 0.2%.

According to Statistics Finland's data, from last March to this March, increases in the prices of petrol, diesel, detached houses, cigarettes, and capital repair on detached houses had the largest upward impacts on the consumer price index.

Decreases in the average interest rates on housing loans and consumer credit and the prices of hotel rooms, beer served in restaurants, and televisions had the largest downward impacts.

From February to March, consumer prices rose by 0.2%.

Harmonised inflation 1.4%

According to the preliminary data on the harmonised index of consumer prices, the rate of inflation in the euro area was 1.3% in March (0.9% in February).

The corresponding figure for Finland was above the euro zone average, 1.4% in March.

Eurostat estimates the harmonized consumer price index based on EU regulations.

To allow for international comparison, harmonised inflation does not include items such as owner occupancy, games of chance, interests on consumption and other credits, fire insurance on owner-occupied homes, the vehicle tax or fishing and hunting fees.