The Consumer Price Index (CPI) based on prices in August 2020 is 485.1 points (May 1988=100), 0.46% higher than in the previous month. The CPI less housing cost is 415.3 points, 0.46% higher than in July 2020.
Summer sales are winding down, causing an increase in prices of clothing and footwear by 3.4% (effect on the index 0.11%). Cost of owner occupied housing (imputed rent) increased by 0.5% (0.09%).
The CPI is 3.2% higher in August 2020 than in August 2019 and the CPI less housing cost is 3.4% higher than one year ago.
The CPI compiled in the middle of August 2020, 485.1 points, is applicable for indexation purposes in October 2020. The old credit terms index for October 2020 is 9,578 points.
| The Icelandic consumer price index 2019-2020 | ||||||
| May 1988 = 100 | Annualized rates | |||||
| Monthly index | Monthly changes | Latest month | Latest 3 months | Latest 6 months | Latest 12 months | |
| 2019 | ||||||
| August | 470.1 | 0.3 | 3.4 | 1.8 | 3.1 | 3.2 |
| September | 470.5 | 0.1 | 1.0 | 0.6 | 2.2 | 3.0 |
| October | 472.2 | 0.4 | 4.4 | 2.9 | 2.2 | 2.8 |
| November | 472.8 | 0.1 | 1.5 | 2.3 | 2.1 | 2.7 |
| December | 473.3 | 0.1 | 1.3 | 2.4 | 1.5 | 2.0 |
| 2020 | ||||||
| January | 469.8 | -0.7 | -8.5 | -2.0 | 0.4 | 1.7 |
| February | 474.1 | 0.9 | 11.6 | 1.1 | 1.7 | 2.4 |
| March | 475.2 | 0.2 | 2.8 | 1.6 | 2.0 | 2.1 |
| April | 477.5 | 0.5 | 6.0 | 6.7 | 2.3 | 2.2 |
| May | 480.1 | 0.5 | 6.7 | 5.2 | 3.1 | 2.6 |
| June | 482.2 | 0.4 | 5.4 | 6.0 | 3.8 | 2.6 |
| July | 482.9 | 0.1 | 1.8 | 4.6 | 5.7 | 3.0 |
| August | 485.1 | 0.5 | 5.6 | 4.2 | 4.7 | 3.2 |
Percentage changes, not seasonally adjusted.
The measurement of the CPI in light of Covid-19
The measurement and compilation of the CPI in August did mostly pass normally although there are still some missing measurements.
The challenges in measuring prices due to the situation were discussed thoroughly in the news release of the Consumer Price Index in April 2020. Statistics Iceland would also like to bring attention to the information website “Frequently asked questions about the Icelandic CPI”.
Statistics Iceland estimates that about 2% of the CPI weights in August have been measured with imputed prices where service was not available due to cancellations because of Covid-19.
Changes prepared to tables containing data on the CPI
Statistics Iceland is currently preparing changes to tables which contain data on the CPI. The changes affect presentation of the data in the tables as well as coding used for an automatic upload of the data (API). The statistical content of the tables will remain as before.
Statistics Iceland invites users of its CPI tables to review the new setup of the tables before formal publication. A review is welcome from users who either download data using the API service of Statistics Iceland or users who retrieve the data manually. To participate in the reviewing process, please send an email to cpi@statice.is with contact information including a name, email address and a short description of how the data is used. The changes will be announced in advance in the monthly news release.