The CPI based on prices in the middle of February 2008 is 286.2 points (May 1988=100), 1.38% higher than in the previous month. The CPI less housing cost is 254.9 points, 1.55% higher in January.
Prices connected to use of private car increased 2.5% (effect on the index 0.36%). Thereof prices of new cars rose by 2.6% (0.16%) and of petrol and diesel oil by 3.6% (0.18%).
Winter sales are coming to an end causing an increase in prices of clothing and footwear by 9.1% (0.35%).
Cost of owner occupied housing increased 1.0% (0.20%), thereof was the effect of higher real interest rate 0.15% and of higher market prices 0.05%. Prices of food and beverages rose by 0.9% (0.12%).
The CPI in February 2008 is 6.8% higher than in February 2007 (prices at the beginning of the month last year but in the middle of the month now) while the CPI less housing cost is 3,9% higher than one year ago. The constant tax-rate CPI is 8.7% higher in February 2008 than in February 2007 and the constant tax-rate CPI less housing cost is 6.4% higher. Over the last three months, the CPI has risen by 2.3%, equivalent to an annual inflation rate of 9.3% (8.6% for the CPI less housing cost).
The CPI compiled at the middle of February, 286.2 points, is applicable for indexation purposes in April 2008. The old credit terms index for April 2008 is 5,651 points.
With this release a new Core index (3) is launched. It’s Core index 2 excluding effect of changes in real interest rate on the cost of owner occupied housing. The index is a result of consultations with the Central bank of Iceland. It has been calculated backwards to January 2004.
The earlier announced change in reference period for sub-indices of the CPI to January 2008=100 has been postponed until April 2008.
| The Icelandic Consumer Price Index 2007-2008 | ||||||
| May 1988 = 100 | Annualized rates | |||||
| Monthly index | Monthly changes | Latest month | Latest 3 months | Latest 6 months | Latest 12 months | |
| 2007 | ||||||
| February | 268.0 | 0.4 | 5.1 | 2.9 | 3.1 | 7.4 |
| March | 267.1 | -0.3 | -4.0 | 1.4 | 1.1 | 5.9 |
| April | 268.7 | 0.6 | 7.4 | 2.7 | 1.9 | 5.3 |
| May | 271.0 | 0.9 | 10.8 | 4.6 | 3.7 | 4.7 |
| June | 272.4 | 0.5 | 6.4 | 8.2 | 4.7 | 4.0 |
| July | 273.0 | 0.2 | 2.7 | 6.6 | 4.6 | 3.8 |
| August | 273.1 | 0.0 | 0.4 | 3.1 | 3.8 | 3.4 |
| September | 276.7 | 1.3 | 17.0 | 6.5 | 7.3 | 4.2 |
| October | 278.1 | 0.5 | 6.2 | 7.7 | 7.1 | 4.5 |
| November | 279.9 | 0.6 | 8.0 | 10.3 | 6.7 | 5.2 |
| December | 281.8 | 0.7 | 8.5 | 7.6 | 7.0 | 5.9 |
| 2008 | ||||||
| January | 282.3 | 0.2 | 2.2 | 6.2 | 6.9 | 5.8 |
| February | 286.2 | 1.4 | 17.9 | 9.3 | 9.8 | 6.8 |
| Percentage changes, not seasonally adjusted. | ||||||
| Consumer price index by economic categories 2008 | ||||
| Subindices March 1997=100 | Change in the last 12 months | |||
| Effect on the index | ||||
| January | February | % | ||
| Consumer Price Index | 158.2 | 160.4 | 6.8% | 6.8% |
| Thereof: | ||||
| Domestic goods | 136.3 | 137.1 | -0.9% | -0.1% |
| Agricultural products | 133.4 | 134.0 | 0.1% | 0.0% |
| Domestic goods less agricultural products and vegetables | 138.0 | 138.9 | -1.7% | -0.1% |
| Imported goods | 121.4 | 124.7 | 5.6% | 1.8% |
| Imported goods less, alcohol and tobacco | 117.3 | 120.6 | 6.1% | 1.8% |
| Core index 1 (CPI less agric. prod., vegetables, | ||||
| fruits and petrol) | 159.7 | 161.7 | 6.4% | 5.7% |
| Core index 2 (core index 1 less public services) | 160.5 | 162.6 | 6.6% | 5.4% |
| Core index 3 (core index 2 less effects of interest rate) | 159.6 | 161.4 | 5.6% | 4.6% |
| Groceries (perishable items) | 130.2 | 131.4 | -1.2% | -0.2% |
Statistics