The composition of the consumption basket changes each year. Obsolete goods and services are removed, while new ones emerge. Methodological changes are also introduced in January. For more information about changes in the CPI from 2017, see link under ”Changes for 2017”.

From January all goods and services also get a new updated weight in the basket. The ‘basket effect’ is the combined effect of the change in the composition of the consumption basket and new weights. In January 2017, the basket effect contributed -0.1 percentage points to the monthly change in the CPI, which is close to the historical average.

In addition to the basket effect, a normal seasonal price decrease contributed -1.1 percentage points in total in January. Price decreases in clothing and footwear (-11.1 percent) contributed downwards by 0.6 percentage point while price decreases in international flights (-21.3 percent) contributed downwards by 0.2 percentage point to the change from December 2016 to January 2017. In addition, price decreases in package holidays (-11.6 percent), accommodation services (-6.5 percent) and the furnishing and household equipment group (-0.9 percent) contributed downwards by 0.1 percentage point each.

Higher prices on public transport (4.3 percent), food and non-alcoholic beverages (0.4 percent), owner-occupied housing (1.8 percent), electricity, gas and other fuels (1.3), and vehicle fuels and lubricants (3.3 percent) contributed upwards by 0.1 percentage point each.

The CPI for January 2017 was 317.50 (1980=100).

The inflation rate according to the CPIF (CPI with a fixed interest rate) was 1.6 percent in January 2017. The CPIF decreased by 0.7 percent from December 2016 to January 2017. In the corresponding period last year, the CPIF decreased by 0.4 percent.

The inflation rate according to the HICP (Harmonised Index of Consumer Prices) was 1.5 percent in January 2017. The HICP decreased by 0.8 percent from December 2016 to January 2017. In the corresponding period last year, the HICP decreased by 0.6 percent.

2017-03-14