Finland’s rate of inflation, or the year-on-year change in consumer prices, rose to 2.2 percent in August, according to preliminary data published on Tuesday by Statistics Finland.
The corresponding figure in July was 1.9 percent, and the latest figures continue this year’s trend of a monthly year-on-year increase in Finland’s inflation rate. The rate also went up by 2.2 percent in May, for example, and led to predictions of post-pandemic economic growth.
Statistics Finland said that the uptick in the rate of inflation was due to a rise in the prices of petrol, diesel, detached houses and owner-occupied apartments as well as a noticeable increase in the cost of renovating detached houses.
Meanwhile price rises were curtailed by drops in the costs of refundable prescription medicines, children’s day care and the average interest rate on housing loans and consumer credit, the number-crunching agency also revealed.
In order to compile the consumer price index (CPI) that charts the changes in Finland’s inflation rate, Statistics Finland collects about 19,000 prices on nearly 400 commodities from approximately 2,100 outlets.
This data is supplemented with so-called cash register data, which provides about five million individual prices, as well as a further 1,000 items of price data gathered by centralised collection.
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