“It was expected that the sharp drop in the price of gasoline would at least moderate July’s average inflation to some extent. That didn’t happen, because especially the rise in electricity and food prices tipped the scales in the other direction,” he analyzed. press release on Monday. “Broad-based upward price pressure has not disappeared, although monthly changes in gasoline prices create swings in both directions.”
Inflation in Finland has not been this high since April 1984, when consumer prices were 8.0 percent higher than in April 1983.
Statistics Finland on Monday was revealed that electricity, gasoline, diesel and repairs to private houses were the main causes of inflation in July. Diesel prices were 49 percent, electricity 40 percent, gasoline 36 percent and food prices 12 percent higher than a year earlier. Inflation was curbed by, among other things, daycare fees, non-refundable prescription drugs, ferry services, and audio and video recordings.
Inflation spreading from fuels to food and electricity makes it even more difficult for consumers to avoid the effects of inflation, Appelqvist pointed out.
“In the past, the rise in consumer prices was largely focused on fuel, and the situation may have been alleviated by reducing the use of cars. Today, even that is not enough,” he commented.
The monthly change in consumer prices was 0.3 percent, which was due to the rise in electricity prices, the average mortgage interest rate and mature cheese products. According to Statistics Finland, the price of gasoline and diesel slowed down in comparison.
According to Eurostat’s preliminary data, inflation accelerated in the euro area by 0.3 percentage points from June to 8.9 percent in July. According to data, prices in Finland were 8.0 percent higher than a year earlier.
The estimate is based on preliminary data from member countries and energy price trends. Statistics Finland will publish detailed information on its harmonized consumer price index for July on Thursday, August 18.
Aleksi Teivainen – HT
Source: The Nordic Page