The Consumer Price Index (CPI) based on prices in May 2018 is 451.8 points (May 1988=100), 0.09% lower than in the previous month. The CPI less housing cost is 388.3 points, 0.03% lower than in April 2018.
Cost of international airfares declined by 9.7% (effect on the index ‑0.13%).
The CPI is 2.0% higher in May 2018 than in May 2017 and the CPI less housing cost is 0.2% higher than one year ago.
The CPI compiled in the middle of May 2018, 451.8 points, is applicable for indexation purposes in July 2018. The old credit terms index for July 2018 is 8,921 points.
| The Icelandic consumer price index 2017-2018 | ||||||
| May 1988 = 100 | Annualized rates | |||||
| Monthly index | Monthly changes | Latest month | Latest 3 months | Latest 6 months | Latest 12 months | |
| 2017 | ||||||
| May | 443.0 | 0.2 | 2.5 | 3.1 | 2.1 | 1.7 |
| June | 443.0 | 0.0 | 0.0 | 2.8 | 1.8 | 1.5 |
| July | 442.9 | 0.0 | -0.3 | 0.7 | 3.0 | 1.8 |
| August | 444.0 | 0.2 | 3.0 | 0.9 | 2.0 | 1.7 |
| September | 444.6 | 0.1 | 1.6 | 1.5 | 2.1 | 1.4 |
| October | 446.7 | 0.5 | 5.8 | 3.5 | 2.1 | 1.9 |
| November | 446.0 | -0.2 | -1.9 | 1.8 | 1.4 | 1.7 |
| December | 447.2 | 0.3 | 3.3 | 2.4 | 1.9 | 1.9 |
| 2018 | ||||||
| January | 446.8 | -0.1 | -1.1 | 0.1 | 1.8 | 2.4 |
| February | 449.5 | 0.6 | 7.5 | 3.2 | 2.5 | 2.3 |
| March | 452.0 | 0.6 | 6.9 | 4.4 | 3.4 | 2.8 |
| April | 452.2 | 0.0 | 0.5 | 4.9 | 2.5 | 2.3 |
| May | 451.8 | -0.1 | -1.1 | 2.1 | 2.6 | 2.0 |
| Percentage changes, not seasonally adjusted. | ||||||