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Finland Inflation December 2023

Finland: Harmonized inflation rises in December

Harmonized inflation came in at 1.3% in December, up from November’s 0.7%. Looking at the details of the release, the acceleration chiefly reflected an increase in price pressures for transportation. In addition, housing and utilities prices fell at a more moderate pace in December compared to the previous month.

Still, the trend pointed down, with annual average harmonized inflation falling to 4.3% in December (November: 5.0%). Meanwhile, consumer price inflation rose to 3.6% in December, from the previous month’s 3.3%.

Lastly, harmonized consumer prices rose 0.23% in December over the previous month, contrasting the 0.50% fall seen in November.

Despite December’s uptick, harmonized inflation remained below the ECB’s 2.0% target for the second consecutive month since August 2021.

Going forward, harmonized inflation is set to average above current levels, but below the ECB’s target. The lagged impact of higher interest rates in 2023 and a higher base of comparison will keep a lid on inflation in coming quarters.

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