Inflation in Finland has risen to its highest level in more than 30 years and was 7.1 per cent in May.
Statistics Finland’s recent consumer price index also found that inflation had accelerated significantly since April, reaching 5.7 per cent.
According to the number crusher’s report, the acceleration in inflation was due to, among other things, higher prices for electricity, petrol and diesel, as well as a sharp rise in the cost of renovating other products and services, including single-family homes.
In addition, the data showed that the average price of petrol in the first week of May was € 2.21 / liter, but had risen to € 2.53 by the end of the month, when the price of a liter of diesel had fallen from € 2.24 to € 2.34.
Writes on Twitter, Chief Economist of the Chamber of Commerce Jukka Appelqvist said that last month ‘s monthly inflation in Finland was over 7 per cent in February 1990.
Juho KeskinenMortgage Association Hypon economist, pointed out that the current rise in prices is unprecedented for many people.
"Earnings levels are not keeping pace and purchasing power is declining. When house prices rise by 3%, it actually means a fall in prices, as the general price level rises more than twice as fast," Central wrote.
According to preliminary data from Statistics Finland, euro area inflation accelerated to 8.1% in May, and official consumer price data will be released on Friday.
Source: The Nordic Page