A person with a shopping bag on Aleksanterinkatu in Helsinki on 23 December 2023. Data from Statistics Finland reveal that consumer prices rose by 3.6 per cent year-on-year in December, signalling an increase of 0.3 percentage points from November. (Vesa Moilanen – Lehtikuva)

Domestic
Tools
Typography

INCREASES in, for example, the average interest rate on housing loans and the price of package overseas tours accelerated inflation in Finland in December.

Statistics Finland on Monday published data revealing that consumer prices rose by 3.6 per cent year-on-year in December, representing an increase of 0.3 percentage points from the previous month. The prices crept up slightly also compared with the previous month, by 0.3 per cent, as a consequence of higher electricity and international flight prices.

Inflation began to accelerate after a sustained period of low inflation in 2021, ultimately peaking at 9.1 per cent in November and December of 2022.

Statistics Finland reported that consumer prices rose from the previous year particularly due to the higher average interest rate on housing loans, interest rates on consumer credit and the price of package tours outside the EU. Interest rates on housing loans contributed 2.1 points to the year-on-year change in prices.

Consumer prices were kept in check especially by drops in the prices of electricity, dwellings in housing companies and single-family homes, with electricity prices holding back inflation to the tune of roughly one point.

Last year, consumer prices changed by an average of 6.2 per cent from the previous year, according to Statistics Finland. The prices have therefore increased by more than 20 per cent since 2015.

Aleksi Teivainen – HT

Partners