Finland Times

 

File picture of a market where one customer is buying food items. Photo Lehtikuva.

The year-on-year change in the consumer price, i.e. inflation, slowed down to 1.0 per cent in October having been 1.3 per cent in the previous month, particularly because of slide in vegetable prices.

 

Meanwhile, according to the preliminary data of Statistics Finland, inflation in the euro area was 0.4 per cent in October. 

 

In October, consumer prices were pushed up most from the previous year by rise in rents, increases in the retail prices of tobacco products and alcoholic beverages, and higher prices of restaurant and café services.

 

The rising of consumer prices was curbed most in October by fallen prices of food, liquid fuels, entertainment electronics and detached houses from the year before. From September to October, consumer prices fell by 0.2 per cent, primarily because the prices of liquid fuels, food and reimbursable prescription medicines went down.

 

File picture of refueling station. Photo Lehtikuva.

Each mid-month, Statistics Finland’s interviewers collect altogether around 50,000 prices on nearly 500 commodities from approximately 2,700 outlets for the Consumer Price Index. In addition, some 1,000 items of price data are gathered by centralised collection. 

 

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the euro area was 0.4 per cent in October. In September it stood at 0.3 per cent. The inflation for Finland calculated in the same manner was 1.2 per cent in October.

 

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 or the vehicle tax. 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.

 

Inflation indicators in Finland, October 2014