The Consumer Price Index (CPI) based on prices in September 2019 is 470.5 points (May 1988=100), 0.09% higher than in the previous month. The CPI less housing cost is 402.0 points, 0.10% higher than in August 2019.
Prices of clothing and footwear increased by 4.2% (effect on index 0.18%). International airfares declined by 8.6% (-0.13%).
The CPI is 3.0% higher in September 2019 than in September 2018 while the CPI less housing cost is 2.9% higher than one year ago.
The CPI compiled in the middle of September 2019, 470.5 points, is applicable for indexation purposes in November 2019. The old credit terms index for November 2019 is 9,290 points.
| The Icelandic consumer price index 2018-2019 | ||||||
| May 1988 = 100 | Annualized rates | |||||
| Monthly index | Monthly changes | Latest month | Latest 3 months | Latest 6 months | Latest 12 months | |
| 2018 | ||||||
| September | 456.8 | 0.2 | 2.9 | 1.9 | 2.1 | 2.7 |
| October | 459.4 | 0.6 | 7.0 | 4.1 | 3.2 | 2.8 |
| November | 460.5 | 0.2 | 2.9 | 4.3 | 3.9 | 3.3 |
| December | 463.9 | 0.7 | 9.2 | 6.4 | 4.1 | 3.7 |
| 2019 | ||||||
| January | 462.0 | -0.4 | -4.8 | 2.3 | 3.2 | 3.4 |
| February | 462.9 | 0.2 | 2.4 | 2.1 | 3.2 | 3.0 |
| March | 465.3 | 0.5 | 6.4 | 1.2 | 3.8 | 2.9 |
| April | 467.0 | 0.4 | 4.5 | 4.4 | 3.3 | 3.3 |
| May | 468.0 | 0.2 | 2.6 | 4.5 | 3.3 | 3.6 |
| June | 469.8 | 0.4 | 4.7 | 3.9 | 2.6 | 3.3 |
| July | 468.8 | -0.2 | -2.5 | 1.6 | 3.0 | 3.1 |
| 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 |
| Percentage changes, not seasonally adjusted. | ||||||
With more available choices for housing loans, Statistics Iceland is now preparing a review of the composition of average index rates which are used in compiling imputed rent for owner-occupied housing. The new composition will be implemented in the next release of the CPI 28 October 2019.
With the implementation, weights for index rates from various lenders and the weight for the rate of return on own equity will be updated. The review of the composition of index categories does not in itself result in a price change in the CPI since the compilation of price changes is always based on a fixed composition between months. Weights are reviewed in order to better reflect the composition of index categories.