The impact of the war in Russia is particularly noticeable at petrol stations, where petrol and diesel prices rose to record highs in the first half of 2022.

According to data from the Finland Chamber of Commerce, nearly three-quarters (72%) of Finnish companies plan to increase prices slightly (60%) or significantly (12%) over the next four months, given the rise in costs caused by Russian aggression in Ukraine. A survey conducted by Chamber of Commerce representatives suggests that companies involved in energy-intensive production, and those with any form of connection to Russia, are in the most vulnerable position.

"Russia's aggressive war against Ukraine has hit us painfully when it comes to price trends, as the inflation situation was already complicated," commented Juho Romakkaniemi, CEO of the Finland Chamber of Commerce. He pointed out that the war has led to price increases for several raw materials that were already high, further impacting business costs as well as consumer prices. (...)