The Consumer Price Index (CPI) based on prices in July 2016 is 434.9 points (May 1988=100), 0.32% lower than in June 2016. The CPI less housing cost is 396.0 points, 0.55% lower than in June.
Food prices rose by 1.0% (effect on index 0.13%). Summer sales have been widely ongoing, which caused a decrease in prices of clothing and footwear by 11.8% (-0.51%) and at the same time prices for appliances, articles and products for personal care decreased by 6.7% (-0.1%). Cost of owner occupied housing (imputed rent) rose by 0.7% (0.10%). International airfares rose by 13.5% (0.17%).
The CPI is 1.1% higher in July 2016 than in July 2015 while the CPI less housing cost has decreased 0.6% from one year ago.
The CPI compiled in the middle of July 2016, 434.9 points, is applicable for indexation purposes in September 2016. The old credit terms index for September 2016 is 8,587 points.
| Consumer price index by economic categories 2016 | ||||
| Subindices March 1997=100 | Change in the last 12 months | |||
| Effect on the index | ||||
| June | July | % | ||
| Consumer Price Index | 244.4 | 243.7 | 1.1 | 1.1 |
| Thereof: | ||||
| Domestic goods and vegetables | 223.9 | 225.3 | 3.2 | 0.5 |
| Agricultural products | 209.8 | 212.3 | 3.4 | 0.2 |
| Domestic goods less agricultural products | 234.2 | 234.7 | 3.0 | 0.2 |
| Imported goods | 190.8 | 186.7 | -3.1 | -1.1 |
| Imported goods less, alcohol and tobacco | 181.0 | 176.6 | -3.6 | -1.2 |
| Groceries (perishable items) | 215.8 | 216.9 | 1.3 | 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 | ||||||
| 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 |
| February | 431.2 | 0.7 | 8.4 | 1.7 | -0.5 | 2.2 |
| March | 432.8 | 0.4 | 4.5 | 1.9 | 1.0 | 1.5 |
| April | 433.7 | 0.2 | 2.5 | 5.1 | 1.3 | 1.6 |
| May | 435.5 | 0.4 | 5.1 | 4.0 | 2.9 | 1.7 |
| June | 436.3 | 0.2 | 2.2 | 3.3 | 2.6 | 1.6 |
| July | 434.9 | -0.3 | -3.8 | 1.1 | 3.1 | 1.1 |
| Percentage changes, not seasonally adjusted. | ||||||