Finland – July 2023 Consumer Price Index Shows Steady Growth

According to preliminary data released by Statistics Finland, the harmonized consumer price index (HICP) in Finland recorded a year-on-year change of 4.2% in July. This indicates a slight increase compared to the previous month, where the year-on-year change was 4.1% in June.

The HICP is an important indicator of inflation and reflects the average price change of goods and services consumed by households in the country. In July, the overall consumer price index reached a value of 119.32 (2015=100), with a year-on-year change of 4.22% and a monthly change of 0.30%.

The main contributors to the increase in prices were found in the categories of “Culture and Recreation,” which saw a substantial 8.58% year-on-year increase, and “Restaurants and Hotels,” which experienced a 7.35% year-on-year rise. On the other hand, “Health” and “Transport” experienced slight declines of -2.81% and -4.03%, respectively.

The largest year-on-year change was observed in the “Culture and Recreation” category at 8.6%, reflecting a rise in costs associated with leisure and entertainment activities.

It is worth noting that the consumer price index data is subject to revision as the data collection process concludes at the end of the month. Therefore, the final figures may differ from the preliminary ones.

Finland’s economy continues to navigate through an environment of rising prices, and authorities are closely monitoring the situation to ensure the stability of the country’s financial landscape.

Detailed information and finalized data will be made available by Statistics Finland once the data collection process for the current month is complete.