HELSINKI: The year-on-year change in consumer prices was 0.5 per cent in July as calculated by Statistics Finland. The inflation stood at 0.4 per cent in June. The slight rise in inflation was influenced, for example, by increases in the consumer prices of the vehicle tax, hospital and dentist fees from one year ago. Consumer prices were raised in July by increases in the vehicle tax, hospital fees and dentist fees and prices of hotel rooms from one year ago.
The rising of consumer prices was curbed most by reductions in the prices of liquid fuels and average housing loan interest rates from the year before. Examined in the short-term, the rise of inflation was mostly influenced by higher prices of cigarettes and package tours inside the EU. From June to July, consumer prices changed by -0.1 per cent, the data show.
Each mid-month, Statistics Finland’s interviewers collect altogether around 48,000 prices on nearly 500 commodities from approximately 2,700 outlets for the Consumer Price Index. The rate of inflation in the euro area was 0.2 per cent in July and 0.1 per cent in June, according to the preliminary data on the Harmonised Index of Consumer Prices. The corresponding figure for Finland was 0.5 per cent 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 or the vehicle tax.
The year-on-year change in the Harmonised Index of Consumer Prices stood at 0.5 per cent in July and that in the Index at Constant Taxes measuring market inflation at 0.3 per cent as per the statistics. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.2 percentage points. The month-on-month change in the Harmonised Index of Consumer Prices was -0.1 per cent and that in the Index at Constant Taxes -0.2 per cent in July. Excise duties on tobacco products rose in July and the rise in excise duties transferred almost entirely to the prices of tobacco products.
