Finnish consumer confidence dips to all-time low amid galloping inflation

https://sputniknews.com/20220728/finlands-sonsumer-sonfidence-drops-to-lowest-ever-level-amid-galloping-inflation-1097872845.html

Finnish consumer confidence dips to all-time low amid galloping inflation

Finnish consumer confidence dips to all-time low amid galloping inflation

Rising consumer prices, record high inflation and increasing uncertainty have been observed elsewhere in Europe against the background of the conflict in Ukraine… 28.07.2022, Sputnik International

2022-07-28T05:07+0000

2022-07-28T05:07+0000

2022-07-28T05:07+0000

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In July, Finland’s consumer confidence hit a new low, Statistics Finland reported. The agency said expectations about consumers’ personal economy were “the bleakest in measuring history,” that is, since 1995, when the agency began recording the numbers. In 1995, Finland had just emerged from a severe recession. In July, consumers hardly intended to spend money on durable goods, according to Statistics Finland. Buying was considered almost the most unfavorable ever. Intentions to buy a car and a home have also declined, the agency adds. Consumer confidence has been negative since December 2021 and has been declining steadily since then. As many as 75 percent of consumers in July thought that Finland’s economic situation is worse now than it was a year ago, and only 7 percent of consumers thought it was better. of the Finnish industries reported. The Employers’ Organization Business Confidence Indicator in July noted a month-on-month decline in confidence in the manufacturing and construction sectors, while confidence in the services and retail sectors rose slightly. to its highest in measuring history. 84 percent of consumers thought prices had risen much or quite a bit over the course of the year, and 69 percent expected prices to rise at least at the same pace in the coming months. According to Statistics Finland, inflation rose 0.8 percent in June from the previous month to 7.8 percent. Still, consumer prices rose mainly for energy products, but also for food, with fish prices rising 46 percent and coffee, eggs, and flour rising more than 30 percent since the start of the year. Tellingly, rising electricity and fuel prices were one of the top concerns in a poll commissioned by the Helsingin Sanomat newspaper, alongside alleged threats against Russia, a topic often used by Finnish politicians and media. Rising consumer prices and increasing insecurity have been seen elsewhere in Europe and the Western world amid sanctions designed to “punish” Russia, but which have backfired dramatically. Eurostat’s harmonized consumer price indices brought inflation in the eurozone to 8.6 percent in June. Inflation in the US, meanwhile, reached 9.1 percent, the highest level in more than four decades.

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Rising consumer prices, record high inflation and increasing insecurity have been seen elsewhere in Europe against the background of the conflict in Ukraine and adverse sanctions.

In July, Finnish consumer confidence hit a new low, Statistics Finland reported.

The agency said expectations about consumers’ personal economy were “the bleakest in measuring history,” that is, since 1995, when the agency began recording the numbers. In 1995, Finland had just emerged from a severe recession.

In July, consumers had little intention of spending money on durable goods, according to Statistics Finland. Buying was considered almost the most unfavorable ever. Intentions to buy a car and a home have also declined, the agency added.

Consumer confidence has been negative since December 2021 and has steadily declined since then. As many as 75 percent of consumers in July thought that Finland’s economic situation is worse now than it was a year ago, and only 7 percent of consumers thought it was better.

“Both consumer assessments of their own economy at the moment and expectations about it became more gloomy in July than in June and especially compared to July last year. The 12-month outlook for the Finnish economy has also clearly weakened from a year ago,” the agency said in a statement.

At the same time, confidence in the industry also declined, the Confederation of Finnish Industries reported.

The Employers’ Organization Business Confidence Indicator in July noted a month-on-month decline in confidence in the manufacturing and construction sectors, while confidence in the services and retail sectors rose slightly.

Meanwhile, consumer estimates of inflation rose to record highs. 84 percent of consumers thought prices had risen much or quite a bit over the course of the year, and 69 percent expected prices to rise at least at the same pace in the coming months. According to Statistics Finland, inflation rose 0.8 percent in June from the previous month to 7.8 percent.

Still, consumer prices rose in particular for energy products, but also for food, with fish prices rising by 46 percent and coffee, eggs and flour by more than 30 percent since the start of the year.

“Since December last year, the prices of food and non-alcoholic drinks have risen 10 percent, light heating oil by 76 percent, diesel and gasoline by 42 percent and electricity by 22 percent — in just six months,” it said. Kristiina Nieminen, senior statistician at Statistics Finland, op.

Tellingly, rising electricity and fuel prices were among the top concerns in a poll commissioned by the newspaper Helsingin sanomat newspaperalongside alleged threats from Russia, a topic often used by Finnish politicians and media.

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Finland warns of possible power outages this winter

Rising consumer prices and increasing insecurity have been seen elsewhere in Europe and the Western world amid sanctions designed to “punish” Russia, but which have failed dramatically. Eurostat’s harmonized consumer price indices brought inflation in the eurozone to 8.6 percent in June. Inflation in the US, meanwhile, reached 9.1 percent, the highest level in more than four decades.

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