Inflation drops slightly in May

The year-on-year change in consumer prices was 0.7 per cent in May, sliding slightly from that of 0.8 per cent in April, with inflation standing at 0.8 per cent, according to Statistics Finland.

Consumer prices rose mostly in May by increases in cigarette prices, vehicle tax, electricity and petrol.

The rise in consumer prices over the year was curbed mostly by reductions in the prices of mobile phones and games of chance, as well as decreases in interests on housing loans and consumer credits.

From April to May, the consumer prices changed by minus 0.2 per cent.

Each mid-month, Statistics Finland’s interviewers collect around 50,000 prices on nearly 470 commodities from approximately 2,700 outlets to determine 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 1.4 per cent in May.

In April, it was 1.9 per cent. The corresponding inflation for Finland was 0.9 per cent in May.