RTTNews - Monday, the Statistics Finland announced that the consumer price index or CPI stood at 0.0% year-on-year in May, compared with a 0.8% increase in the previous month. The figures came in line with economists' expectations.

On a monthly basis, the CPI dropped 0.2% in May, compared to a flat reading in the previous month. This was mainly due to reductions in food prices and interest rates.

The harmonized index of consumer prices or HICP rose 1.5% annually in May, slower than the 2.1% increase in the previous month. The HICP declined 0.1% compared to the preceding month.

The Statistics Finland announced that it is publishing a new HICP at constant taxes in June, with reference period of May. The new index measures market inflation, which is the change in prices due to reasons other than change in commodity taxes. The price impact of tax changes is obtained by comparing the development of the HICP and the index at constant taxes. The HICP at constant taxes for May showed a reading of 108.3, up 1.3% year-on-year. However, the index dropped 0.1% on a monthly basis.

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