Although there are some country specific factors at play, we can identify many similarities between households in Finland and other European countries. Firstly, the ongoing cost of living increase is driven by inflation. Inflation this year reached a level not seen in many countries since the 1980s.
More precisely, identifying the drivers of elevated inflation and why there are such big differences in the level of price growth rates between Member States. According to the latest data, published yesterday, the lowest rate of inflation in February was recorded in Luxembourg, 4.8%, and the highest in Latvia, with 20.1%, while the average rate was 8.5%.