Finnish inflation rate highest since 1983

Inflation in Finland has continued to accelerate, with consumer prices rising by 9.1 per cent in November compared to a year ago, the highest since 1983, according to official figures.

Consumer prices were most raised in November by increases in the price of electricity and the average interest rate on housing loans, as well as increases in the price of diesel and consumer credits, Xinhua news agency quoted Statistics Finland as saying on Wednesday.

According to preliminary data from the Harmonized Index of Consumer Prices (HICP), the rate of inflation in the euro area was 10 per cent in November.

Prime Minister Sanna Marin said on Wednesday she would convene an all-party meeting next week to review the electricity rates situation.

Her Social Democratic Party suggested that a price ceiling of under 20 cents per kW hour should be enacted.

Finance Minister Anika Saarikko said an all-party approach is necessary due to the heavy impact of such a ceiling on the public economy.

The state would have to pay the difference between enforced consumer and market prices.

Marin told news agency STT that the measures, including reduced VAT and tax concessions for households, are not enough in the current situation.

20221215-094008

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