The CPI based on prices in April is 374.1 points (May 1988=100), 0.78% higher than in the previous month. The CPI less housing cost is 356.2 points, 0.65% higher than in March.

Prices of petrol and diesel oil rose by 3.2% (effect on the index 0.19%) and international airfares rose by 16.0% (0.16%). Cost of owner occupied housing increased by 1.4% (0.17%) mainly owing to higher market prices.

The CPI is 2.8% higher in April 2011 than in April 2010 and the CPI less housing cost is 2.7% higher than one year ago. Over the last three months, the CPI has increased by 2.9%, equivalent to an annual inflation rate of 12.3% (12.2% inflation for the CPI less housing cost).

The CPI compiled in the middle of April 2011, 374.1 points, is applicable for indexation purposes in June 2011. The old credit terms index for June 2011 is 7,387 points.

The consumer price index is now published on a new base, March 2011. The rebasing of the index is primarily built on Statistics Iceland’s household expenditure survey 2007–2009. Exceptions are made in cases where more recent information, from reliable sources, is available. These sources include data on new car registrations and data on VAT turnover in the retail market. The outlet weights used in the calculation of price changes of groceries in the CPI have been changed. Changes in buying pattern led to a 0.04% decrease of the index in April. It should be pointed out that the rebasing of the index does otherwise not have any price effects on the CPI. Expenditure shares according to the new and old base in March 2011 can be found here.