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Financial News: Finland Inflation Highest Since February 1990

Finland Inflation Highest Since February 1990

06/14/2022 - 02:43:00 (RTTNews)

(RTTNews) - Finland's consumer price inflation accelerated in May to reach its highest level in more than thirty two years, largely driven by higher prices of electricity, fuels and food, preliminary data from Statistics Finland showed on Tuesday.

The consumer price index climbed 7.0 percent year-over-year in May, well above the 5.7 percent rise in the previous month.

Moreover, this was the strongest rate of inflation since February 1990, when prices had grown 7.4 percent.

The recent upturn in inflation was mainly influenced by increased prices of electricity, petrol, diesel, and capital repair on detached houses, the statistical office said.

Transport costs grew significantly by 14.45 percent annually in May amid rising fuel prices.

Prices for food and non-alcoholic beverages surged 9.04 percent in May from a year ago, and those for utilities rose 8.22 percent.

On a monthly basis, consumer prices went up 1.31 percent from April, when they increased by 0.31 percent.

The Harmonized Index of Consumer Prices, which is the EU measure of inflation, climbed 7.1 percent annually in May and rose 1.3 percent from a month ago.

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