The Consumer Price Index based on prices in May 2013 is 411.3 points (May 1988=100), 0.05% lower than in the previous month. The CPI less housing cost is 391.3 points, 0.18% lower than in April.

International airfares declined by 6.4% (effect on the index -0.10%).

A new reimbursement system for medicine was adopted on 4 May 2013. It is not possible yet to evaluate the effect of this system change. 

Regulation no. 451/2013 took effect on 13 May 2013 increasing subsidies towards children’s dental costs. This change has been taken into account in the CPI in May. This caused a 3.1% decrease in dentistry prices (effect on the index -0.04%).

The CPI is 3.3% higher in May 2013 than in May 2012 and the CPI less housing cost is 3.4% higher than one year ago. Over the last three months, the CPI has increased by 0.3%, equivalent to an annual inflation rate of 1.4% (0.6% deflation for the CPI less housing cost).

The CPI compiled in the middle of May 2013, 411.3 points, is applicable for indexation purposes in July 2013. The old credit terms index for July 2013 is 8,121 points.

Consumer price index by economic categories 2013
Subindices March 1997=100 Change in the last 12 months
Effect on the index
  April May %
Consumer Price Index 230.5 230.4 3.3 3.3
Thereof:
Domestic goods and vegetables 209.5 209.4 5.7 0.8
Agricultural products 195.6 196.4 7.4 0.5
Domestic goods less agricultural products 219.9 218.9 4.2 0.3
Imported goods 203.4 202.1 0.8 0.3
Imported goods less, alcohol and tobacco 195.0 193.6 0.1 0.0
Groceries (perishable items) 208.9 208.3 5.0 0.8

The Icelandic consumer price index 2012-2013
May 1988 = 100 Annualized rates
Monthly index Monthly changes Latest month Latest 3 months Latest 6 months Latest 12 months
 
2012
May 398.1 0.0 -0.3 7.5 7.1 5.4
June 400.1 0.5 6.2 5.2 7.4 5.4
July 397.2 -0.7 -8.4 -1.0 5.3 4.6
August 396.6 -0.2 -1.8 -1.5 2.9 4.1
September 399.6 0.8 9.5 -0.5 2.3 4.3
October 400.7 0.3 3.4 3.6 1.3 4.2
November 402.0 0.3 4.0 5.6 2.0 4.5
December 402.2 0.0 0.6 2.6 1.1 4.2
2013
January 403.3 0.3 3.3 2.6 3.1 4.2
February 409.9 1.6 21.5 8.1 6.8 4.8
March 410.7 0.2 2.4 8.7 5.6 3.9
April 411.5 0.2 2.4 8.4 5.5 3.3
May 411.3 0.0 -0.6 1.4 4.7 3.3
Percentage changes, not seasonally adjusted.

 

Statistics