Tobacco, petrol, food and medicines push prices up

The annual inflation rate rose again in July (0.6%) after registering hardly any change in June (-0.0%).

According to Statistics Finland, the year-on-year increase in consumption prices was primarily caused by higher prices of cigarettes, games of chance and refundable prescription medicines from one year ago. 

In contrast, the rising of consumer prices from one year back was curbed most by reductions in the prices of fuels and hotel rooms, as well as decreases in average interest rate on housing loans.

Inflation on food 2.9%

From June to July, consumer prices increased by 0.4% month-on-month, which was caused mainly by higher prices of games of chance and petrol.

Core inflation (that excludes the most unstable items in the shopping cart, such as food and energy) was 0.8 per cent in July. Inflation on food and non-alcoholic beverages was 2.9% in July and inflation on energy (including fuels, electricity, petrol) -6.2 per cent.

In euro area

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was 0.4% in July. The final euro area inflation for June was 0.3% per cent.

The corresponding figure for Finland was 0.7% 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.