The Consumer Price Index (CPI) based on prices in April 2023, is 588.3 points (May 1988=100), 1.31% higher than in the previous month. The CPI less housing cost is 487.1 points, 1.08% higher than in March 2023.

Prices of food and non-alcoholic beverages increased by 1.5% (effect on index 0.23%). Part of this increase is due to a rise in the prices of milk, cheese and eggs by 3.9% (0.10%). Cost of owner-occupied housing (imputed rent) increased by 2.5% (0.46%), prices of furnishing, household equipment etc. increased by 1.9% (0.12%) and prices of international flights increased by 19.5% (0.35%).

The CPI is 9.9% higher in April 2023 than in April 2022 and the CPI less housing cost is 8.7% higher than one year ago.

The CPI compiled in the middle of April 2023, 588.3 points, is applicable for indexation purposes in June 2023. The old credit terms index for June 2023 is 11,616 points.

Updated consumption weights
The consumer price index is now published on a new base, March 2023. The new base reflects the outcome of Statistics Iceland’s household expenditure survey 2019–2021. The three-year period is aimed to emphasise long-term change and reduce short-term fluctuation. Furthermore, Statistics Iceland utilises additional sources to consolidate results.

The rebasing of the index does not in itself have any effect on the CPI results in April. Expenditure shares according to the new and old base in March 2023 can be found in the included memorandum.


Further Information

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