Thursday 28.05.2020

Fuels drop in price, fresh fruits rise

Inflation in Finland declined in April mainly due to the fall in oil prices.

Fuels drop in price, fruits rise

The slowdown in activity caused by the coronavirus pandemic, which has affected a large part of transport and especially air traffic, has already been reflected in the evolution of prices.

According to Statistics Finland, in April the year-on-year change in consumer prices was -0.3%. This decline was mainly caused by lower prices of petrol, and also by the cheaper refundable prescription medicines. However, some fresh foods such as fruits increased their price.

Inflation-Finland-April

Source: Statistics Finland.

Main ups and downs

Consumer prices were raised most in April by increases in the prices of cigarettes, fruits and electricity as well as higher maintenance charges from one year ago.

The rising of consumer prices from one year back was curbed most by reductions in the prices of petrol, light fuel oil and diesel.

In monthly terms, from March to April, the month-on-month change of consumer prices was -0.3 per cent, which was caused mainly by lower prices of petrol.

Each mid-month, Statistics Finland's interviewers collect altogether 44,000 prices on nearly 470 commodities from approximately 2,700 outlets for the Consumer Price Index.

Price data is supplemented with scanner data including around 3 million food prices. In addition, some 1,000 items of price data are gathered by centralised collection.

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