News 31 Aug 2023

Price index of electricity corrected in the Harmonised Index of Consumer Prices; also has an effect on total inflation

Statistics Finland has corrected the sub-index of electricity included in the Harmonised Index of Consumer Prices in the preliminary data for August. The effect of the correction on the preliminary estimate of the Harmonised Index of Consumer Prices is 0.70 percentage points of total inflation in August. According to preliminary data, without the adjustment, the year-on-year change in the Harmonised Index of Consumer Prices would have been 4.05 per cent, while with the adjustment the year-on-year change is 3.35 per cent.

Year-on-year changes in the Harmonised Index of Consumer Prices without and with adjustment, August 2023 *


Annual change without adjustment,%

Annual change with adjustment,%

Difference, percentage points

Consumer Price Index




Housing, water, electricity, gas and other fuels




Electricity, gas and other fuels








*Preliminary data

The reason for the corrections is related to the data sources of price monitoring used during 2022. Due to problems in the data sources, Statistics Finland's own inquiry on the price of electrical energy was started to be used as the data source in September 2022. Changes in electricity prices have, however, not been correctly conveyed to the index. The rise in prices was taken into account incorrectly twice in the price index of electricity. The rise in prices was for the first time introduced in the index in January 2022, when the rise in prices was visible as an increase in the obligation to deliver prices, and for the second time the corresponding price rise visible to consumers was included in the index in November 2022.

Preliminary data only include the Harmonised Index of Consumer Prices. The final index will be published on 14 September 2023, and then the release will include the national Consumer Price Index and the Harmonised Index of Consumer Prices. 

Statistics Finland has agreed on the correction with Eurostat, the Statistical Office of the European Communities. According to international principles, the Consumer Price Index will not be corrected retrospectively. Thus, the Harmonised Index of Consumer Prices will not be revised as a result of the correction either.

The correction has an effect on the year-on-year change of the Consumer Price Index until July 2024, because the point figure of the previous year used in calculating the year-on-year change is until then on the original, unadjusted level.  

Further information about the correction 

Inquiries: Senior Statistician Kristiina Nieminen tel. +358 29 551 2957