January saw consumer price inflation in the Nordic countries fall to 3.3%, down from 3.6% in December, signaling a steady return to moderate levels after the sharp increases experienced since the beginning of 2021. The highest point of inflation was recorded in December 2022, reaching 9.1%, following the economic recovery from the coronavirus pandemic. Since then, inflation has been on a consistent decline month over month.
The official statistics bureau says it has been double-counting electricity costs in its monthly inflation figures since September 2022 – but the erroneous data won't be corrected retroactively.
Statistics Finland has corrected the sub-index of electricity included in the Harmonised Index of Consumer Prices in the preliminary data for August. The effect of the correction on the preliminary estimate of the Harmonised Index of Consumer Prices is 0.70 percentage points of total inflation in August. According to preliminary data, without the adjustment, the year-on-year change in the Harmonised Index of Consumer Prices would have been 4.05 per cent, while with the adjustment the year-on-year change is 3.35 per cent.
International, MNA | Consumer prices rose by an average of 7.1 percent in Finland in 2022, the highest increase in 40 years, Statistics Finland said on Friday.
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