The Consumer Price Index (CPI) based on prices in January 2016 is 428.3 points (May 1988=100), 0.58% lower than in December 2015. The CPI less housing cost is 391.6 points, 1.06% lower than in December.
Winter sales led to a 13.0% decrease in prices of clothing and footwear (effect on index -0.57%), prices of furnishing, household equipment etc. decreased by 9.3% (-0.14%). Prices of petrol and diesel oil decreased by 3.3% (-0.11%).
Cost of housing, water, electricity and heating rose by 0.8% (0.22%). This is mainly due to rising cost of owner occupied housing (imputed rent) by 0.8% (0.13%).
The CPI is 2.1% higher in January 2016 than in January 2015 while the CPI less housing cost is 0.6% higher than one year ago.
| Consumer price index by economic categories 2016 | ||||
| Subindices March 1997=100 | Change in the last 12 months | |||
| Effect on the index | ||||
| December | January | % | ||
| Consumer Price Index | 241.4 | 239.9 | 2.1 | 2.1 |
| Thereof: | ||||
| Domestic goods and vegetables | 220.4 | 220.8 | 1.4 | 0.2 |
| Agricultural products | 207.7 | 208.3 | 1.4 | 0.1 |
| Domestic goods less agricultural products | 229.3 | 229.6 | 1.4 | 0.1 |
| Imported goods | 191.6 | 185.6 | -1.4 | -0.5 |
| Imported goods less, alcohol and tobacco | 182.1 | 175.6 | -1.7 | -0.5 |
| Groceries (perishable items) | 214.2 | 215.3 | 0.9 | 0.2 |
| The Icelandic consumer price index 2015-2016 | ||||||
| May 1988 = 100 | Annualized rates | |||||
| Monthly index | Monthly changes | Latest month | Latest 3 months | Latest 6 months | Latest 12 months | |
| 2015 | ||||||
| January | 419.3 | -0.7 | -8.2 | -3.6 | -1.3 | 0.8 |
| February | 422.1 | 0.7 | 8.3 | 1.0 | -0.5 | 0.8 |
| March | 426.4 | 1.0 | 12.9 | 3.9 | 1.8 | 1.6 |
| April | 427.0 | 0.1 | 1.7 | 7.6 | 1.8 | 1.4 |
| May | 428.2 | 0.3 | 3.4 | 5.9 | 3.4 | 1.6 |
| June | 429.3 | 0.3 | 3.1 | 2.7 | 3.3 | 1.5 |
| July | 430.0 | 0.2 | 2.0 | 2.8 | 5.2 | 1.9 |
| August | 432.3 | 0.5 | 6.6 | 3.9 | 4.9 | 2.2 |
| September | 430.6 | -0.4 | -4.6 | 1.2 | 2.0 | 1.9 |
| October | 430.9 | 0.1 | 0.8 | 0.8 | 1.8 | 1.8 |
| November | 429.4 | -0.3 | -4.1 | -2.7 | 0.6 | 2.0 |
| December | 430.8 | 0.3 | 4.0 | 0.2 | 0.7 | 2.0 |
| 2016 | ||||||
| January | 428.3 | -0.6 | -6.7 | -2.4 | -0.8 | 2.1 |
| Percentage changes, not seasonally adjusted. | ||||||