Inflation drops to 3.3% in November

The year-on-year change in consumer prices was 3.3 per cent in November, according to Statistics Finland.

In October, inflation stood at 4.9 per cent. The decrease of inflation from October to November was caused by lower prices of electricity.

Consumer prices were raised most in November by increases in average interest rate on housing loans, consumer credits and the prices of district heat from one year ago.

The rising of consumer prices from one year back was curbed most by reductions in the prices of electricity, owner-occupied flats and diesel.

The month-on-month change of consumer prices was minus 0.3 per cent, which was caused by lower prices of package international holidays within the EU and international flights.

The core inflation of Consumer Price Index was 5.8 per cent. Core inflation does not include food and energy price changes, as the short-term price fluctuations in these are higher compared to other commodity groups.

The price index of electricity was adjusted downwards in September 2023 concerning the data for August 2023.