News

Tuesday's papers: Greedflation, a new tram and goodbye to the goat

Prices have gone up in Finland, but not so much as elsewhere.

Teemu Pukki taputtaa
Teemu Pukki says goodbye to Norwich at his final match, a 1-0 defeat to Blackpool. Image: IMAGO/Focus Images/ All Over Press
  • Yle News

International media have introduced the term "greedflation" in recent months, to describe the phenomenon where companies increase prices at a faster rate than wages, even though the cost of raw materials is not forcing them to.

These "greedflation" price rises, then, are not due to economic fundamentals or the war in Ukraine, but caused by the greed of companies who raise prices because they can.

Iltalehti explains the term on Tuesday for a Finnish audience.

Under the greedflation scenario, profit margins increase along with the increase in prices, indicating that the money is flowing from consumers towards shareholders and business owners.

Latvia is one country hit by such price rises, according to Iltalehti, but Finland has so far avoided it.

With consumer price rises nearing double digits in recent months it's a fair question to ask if the same is happening in Finland, but the paper concludes that no, profit margins remain lower than wage increases.

Vantaa tram timetabled

Helsingin Sanomat reports that the contentious project to build a tram line in Vantaa, the suburban municipality north of Helsinki, took a step forward on Monday night.

The city board voted to advance plans to a vote of the full city council. The 600 million euro project would link the airport to Mellunmäki in eastern Helsinki via Hakunila and Tikkurila.

It would connect Vantaa to Helsinki's metro line and provide economic benefits totalling some 800 million euros, according to the detailed plan put together by the municipality.

Opposition in the council has come from the Finns Party and the Centre Party, along with some National Coalition councillors. They say the tram is too expensive and unnecessary, as electric buses could be used to transport people instead.

In addition, it mainly serves the south-eastern corner of Vantaa, prompting scepticism from some politicians in the north and west of the sprawling municipality.

The full council is scheduled to vote on 22 May.

Pukki played out

Finnish football legend Teemu Pukki's illustrious career at Norwich City played out on Monday, with the final game of his spell with the Canaries.

He has had a remarkable career in England, securing two promotions and scoring 87 goals in nearly 200 games, and the emotional send-off was covered extensively in Finnish and British media.

Ilta-Sanomat's story included several tweets from a bitter-sweet day at Carrow Road.

Fans had unveiled a giant "Kiitos Teemu" banner before the game, and he was brought off with ten minutes to go to a rapturous and teary reception.

Back in 2018 he had arrived in Norfolk without any need to bounce back, having done well enough with Brondby in Denmark, but at the age of 28 and with no experience in English football, he was asked to prove himself.

Pukki, whose surname translates as 'goat', did better than anyone predicted. He said after the game that he was absolutely desperate to score in his final appearance for the club but unfortunately failed to do so as Norwich slipped to a 1-0 defeat.

Would you like a roundup of the week's top stories in your inbox every Thursday? Then sign up to receive our weekly email.