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Finland Inflation July 2023

Finland: Harmonized inflation increases in July

Harmonized inflation increased to 4.2% in July, following June’s 4.1% increase. Looking at the details of the release, the uptick reflected stronger price increases for clothing and footwear and a softer decline in transportation prices. Additionally, higher average interest rates on housing loans, consumer credits and the prices of electricity from one year ago further fueled inflation in the past month. Meanwhile, prices for food and non-alcoholic beverages rose at a softer pace in July.

In contrast, annual average harmonized inflation fell to 7.0% in July (June: 7.3%). Meanwhile, consumer price inflation rose to 6.5% in July from June’s 6.3%.

Finally, harmonized consumer prices rose 0.26% from the previous month in July, contrasting June’s 0.14% drop. July’s result marked the highest reading since March.

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