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Inflation ticks up again as fuel prices rise

Inflation hit 2.2 percent in May, according to figures from Statistics Finland released on Monday.

Bensiiniä tankataan autoon huoltoasemalla.
Higher fuel prices drove an overall rise in in the rate of inflation last month. Image: Henrietta Hassinen / Yle

Inflation hit 2.2 percent in May, according to figures from Statistics Finland released on Monday. In April, inflation was 2.1 percent.

The year-on-year rise in consumer prices was fuelled by higher prices for petrol and diesel, as well as increases in the cost of buying and renovating homes.

From April to May, consumer prices rose by 0.2 percent. This was due to factors such as higher prices for owner-occupied housing and gambling.

Exerting downward pressure on consumer prices were lowered costs for long-distance train travel, ferry tickets and the price of a beer in a restaurant. Low interest rates on consumer borrowing also played a part.

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the Eurozone was 2 percent in May, up from 1.6 percent in April. The corresponding figure for Finland was 2.3 percent in May.

Statistics Finland interviewers compile inflation data every month, taking into account 19,000 prices on nearly 400 commodities from approximately 2,100 outlets to build the the Consumer Price Index.

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