Helsinki, Mar 10 (IANS): The average electricity price for household in Finland rose to an all-time high in the fourth quarter (Q4) of 2022, official figures showed.

Statistics Finland said the price for household was 20 cents to 34 cents per kilowatt-hour (kWh), 23-26 per cent more than in the previous quarter and 41-49 per cent more than a year earlier, reports Xinhua news agency.

In addition, the price for business was 40-80 per cent higher in the last quarter of 2022 than a year earlier.

On an annual basis, the price increase was 32-87 per cent compared to that of 2021.

Since autumn of 2021, prices for electricity in Finland have risen faster than the consumer price index (CPI).

Since January 2020, electricity prices have increased by an average of 88 per cent, said Kristiina Nieminen, chief actuary at Statistics Finland.

There are many reasons for the rise in electricity prices: global energy demand had generally increased in the aftermath of the Covid-19 pandemic, Nieminen said, adding that the complete termination of imports of Russian electricity and substantially reduced imports of Russian gas also affected electricity prices.