Finnish Inflation Hits 26-Month High

The annual inflation rate in Finland climbed by 2.1% year-on-year in May 2026 from 1.5% in the previous month. This marked the sharpest increase since March 2024, driven largely by higher housing and utilities (0.6% vs -0.3% in April) and transport costs (7.1% vs 5.3%) due to rising fuel costs. Costs also increased for health (6.2% vs 3.6%), particularly for refundable prescription medicines, and furnishings, household equipment and routine household maintenance (4.3% vs 3.4%), while it remained steady for education services at 11.5%. Meanwhile, inflation softened for food and non-alcoholic beverages (1.1% vs 1.7%) and information and communication (4.3% vs 5.2%). On a monthly basis, consumer prices rose by 0.5% in May, accelerating from a 0.1% gain in April. Harmonized consumer prices, the ECB’s preferred measure, increased 2.8% year-on-year, following a 2.4% rise in the preceding period.

The annual inflation rate in Finland rose to 1.5% in April 2026 from 1.3% in the previous month. This marked the sharpest increase since May 2024, largely driven by higher transport costs (5.3% vs 3.1% in March), particularly for diesel (35.9% vs 18.3%) and gasoline (16.1% vs 9.2%). Inflation also accelerated for food (1.7% vs 0.5%), health (3.6% vs 1.9%), information and communication (5.2% vs 4.8%), and education services (11.5% vs 11.1%), while alcoholic beverages and tobacco remained steady at 3.6%. Meanwhile, costs for insurance and financial services (-3.1% vs -3.4%) and housing and utilities (-0.3% vs 1.2%) declined, although heating oil costs surged further (72% vs 41.7%). On a monthly basis, consumer prices rose 0.1%, slowing from a 0.7% increase in March. Harmonized consumer prices, the ECB’s preferred measure, increased 2.4% year-on-year, slightly easing from 2.5% in the previous month.

The annual inflation rate in Finland further climbed to 1.3% in March 2026 from a thirteen-month high of 0.6% in the previous month. It marked the highest reading since June 2024, primarily driven by a rebound in housing and utilities (1.2% vs -0.2% in February) and a notable increase in transport (3.1% vs 0%) amid global energy disruptions driven by the ongoing Middle East conflict. In contrast, costs eased for food and non-alcoholic beverages (0.5% vs 1.4%), furniture, household appliances and general housekeeping (2.1% vs 3.9%), and restaurants and hotels (2.5% vs 2.6%). In addition, deflation deepened for clothing and footwear (-0.9% vs -0.1%), while it remained unchanged for alcoholic beverages and tobacco (3.6% vs 3.6%). On a monthly basis, consumer prices eased to 0.7% from a more than three-year high of 1.1% in February. Meanwhile, harmonized consumer prices rose 2.5% in March, from 1.8% in the prior month, marking its highest level since September 2023.