Inflation 0.8% in July

The year-on-year change in consumer prices calculated by Statistics Finland was 0.8% in July. In June inflation stood at 1%. The decline in inflation was caused by lower prices of hotel rooms, for example.

According to Statistics Finland data, consumer prices were raised most in July by increases in the prices of electricity, cigarettes, rents, wireless telephone services and capital repairs on detached houses from one year ago. The rising of consumer prices from one year back was curbed most by reductions in the prices of mobile phones, hotel rooms, detached houses and televisions.

Source: Statistics Finland.

From June to July the month-on-month change of consumer prices was -0.3 per cent, which was caused by vegetables and household furniture being cheaper, 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 1.1% 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 1.1% in July. In June, it was 1.3%. The corresponding figure for Finland was 1% in July.

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. Eurostat will publish detailed data on Harmonised Indices of Consumer Prices for July on 19 August.