In May, the annual change in consumer prices was still 7 percent.
Finland inflation rose to 7.8 percent in June, says Statistics Finland.
Inflation exceeded the rate of 1990 now for the first time. In May, the annual change in consumer prices was still 7 percent.
According to Statistics Finland, in June, compared to a year ago, the biggest increase in consumer prices was the increase in the cost of gasoline, electricity, diesel, and renovations to single-family homes.
The increase in consumer prices from a year ago was mostly restrained by the decrease in daycare fees for children, non-reimbursable prescription drugs, itineraries by ship, examination and treatment fees, and document fees.
Food prices have also risen significantly. The prices of food and non-alcoholic beverages have increased by ten percent since December last year, the chief actuary Kristiina Nieminen says Statistics Finland in the bulletin.
The biggest increases in the past six months have been seen, for example, in the case of fresh fish, the price of which has risen by 46 percent, and flour, flour, coffee and eggs, the prices of which have risen by more than 30 percent.
In the euro area according to preliminary data, inflation was even higher in June.
According to the preliminary data of the Harmonized Consumer Price Index, inflation in the euro area was 8.6 percent in June, while it was 8.1 percent in May. In Finland, the corresponding figure was 8.1 percent in June.
The rate of inflation is clearly higher than in Finland in, for example, the Baltic countries, Slovakia and Greece.
The harmonized consumer price index does not include owner-occupied housing, gambling, interest on consumer and other loans, fire insurance for single-family houses, vehicle tax or fishing and hunting fees.
Eurostat’s estimate of inflation in the euro area is based on preliminary data from member countries and energy price trends. Eurostat will publish the final harmonized consumer price indices for June on July 19.
According to the forecast of the international economic organization OECD, inflation in Finland would be 3.8 percent at the end of 2023.
“It is also good to look at the realizations and forecasts of Finland’s trading partners such as Germany, Sweden, the United States and Estonia, because the high inflation of the importing countries is reflected, at least with some delay, in the consumer prices of food and beverages, clothes and footwear and consumer goods in Finland,” says chief actuary Nieminen in the press release.
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