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Financial News: Finland Producer Prices Fall Further

Finland Producer Prices Fall Further

06/24/2020 - 03:16:00 (RTTNews)

(RTTNews) - Finland's producer prices continued to decline in May and the jobless rate increased, figures from Statistics Finland showed on Wednesday.

The producer price index declined 7.1 percent year-on-year in May, following a 7.0 percent fall in April.

The latest drop in the producer prices was particularly attributable to a fall in prices of oil products, pulp, paper, paperboard and cardboard, as well as electricity, the agency said.

On a monthly basis, producer prices remained unchanged in May, after a 1.4 percent decline in the preceding month.

Data also showed that the import prices fell 9.4 percent annually in May, and export prices declined 8.0 percent.

On a month-on-month basis, import prices and export prices rose 1.5 percent and 0.2 percent, respectively.

Separate data from the statistical office showed that the jobless rate for the 15 to 74 age group rose to 10.6 percent in May from 8.1 percent in April.

In the same month last year, the unemployment rate was 8.8 percent.

The number of unemployed persons increased by 46,000 persons to 295,000 in May from 249,000 in the same month last year.

The employment rate fell to 70.4 percent in May from 73.1 percent last year. The number of employed decreased by 96,000 annually to 2.49 million.

The youth unemployment rate for the 15-24 age group rose by 9.5 percentage points to to 39 percent in May. The number of jobless persons in this group was 140,000.

On a seasonally adjusted basis, the unemployment rate remained unchanged at 6.8 percent in May.

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