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September inflation hits 8.1%, real earnings down 4.5%

Meanwhile, last month's inflation rate across the eurozone was 10 percent, according to Statistics Finland.

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The inflation rate is a year-on-year change in prices calculated by the number-crunching agency. Image: Aalto Puutio / Yle
  • Yle News

Finland's inflation rate reached 8.1 percent in September, according to Statistics Finland.

The inflation rate is a year-on-year change in prices calculated by the number-crunching agency.

In August the inflation rate was 7.6 percent. The month-on-month change in consumer prices in September was 0.8 percent.

As examples, Statistics Finland said last month's inflation was caused by higher electricity prices, more expensive fuel, as well as increases in average interest rates on housing loans.

Further inflation was mostly curbed by "reductions in the prices of refundable and non-refundable prescription medicines."

More broadly, in the euro area, the inflation rate was 10 percent in September, according to the Harmonised Index of Consumer Prices (HICP). The eurozone inflation rate was 9.1 percent, according to a Statistics Finland release issued on Friday.

Wage and salary earners’ real earnings down

Statistics Finland also published preliminary data on the index of wage and salary earnings on Friday. There was a 2.7 percent nominal rise in earnings among full-time workers during July-September, compared to the same period last year.

However, real earnings decreased by 4.8 percent in July-September, compared to the same period last year.

The agency explained the decreases were due to the consumer prices rising faster than earnings.

It said that real earnings during 2022 have fallen to levels last seen eight years ago.