The Consumer Price Index based on prices in September 2014 is 422.6 points (May 1988=100), 0.12% lower than in August 2014. The CPI less housing cost is 395.7 points, 0.43% lower than in August.

International airfares decreased by 28.9% (effect on the index -0.52%) but cost of owner occupied housing (imputed rent) rose by 1.4% (0.19%). Summer sales have now come to an end causing a 3.3% increase in prices of clothing and footwear (0.15%).

The CPI is 1.8% higher in September 2014 than in September 2013 and the CPI less housing cost is 0.4% higher than one year ago. Over the last three months, the CPI has decreased by 0.05%, equivalent to an annual deflation rate of 0.2% (1.9% deflation for the CPI less housing cost).

As of October 2014 a new model for measuring prices of telephone and internet services will be implemented in the CPI. The new model measures cost based on real charges of users instead of only changes in tariffs.

The CPI compiled in the middle of September 2014, 422.6 points, is applicable for indexation purposes in November 2014. The old credit terms index for November 2014 is 8,344 points.

Consumer price index by economic categories 2014
Subindices March 1997=100 Change in the last 12 months
Effect on the index
  August September %
Consumer Price Index 237.1 236.8 1.8 1.8
Thereof:
Domestic goods and vegetables 212.1 212.1 0.5 0.1
Agricultural products 199.1 198.9 0.4 0.0
Domestic goods less agricultural products 221.5 221.8 0.7 0.0
Imported goods 199.4 199.9 -1.8 -0.6
Imported goods less, alcohol and tobacco 190.3 190.9 -2.2 -0.7
Groceries (perishable items) 208.9 208.8 -0.3 -0.1

The Icelandic consumer price index 2013-2014
May 1988 = 100 Annualized rates
Monthly index Monthly changes Latest month Latest 3 months Latest 6 months Latest 12 months
 
2013
September 415.2 0.3 4.1 1.7 2.2 3.9
October 415.2 0.0 0.0 2.7 1.8 3.6
November 416.7 0.4 4.4 2.8 2.6 3.7
December 418.9 0.5 6.5 3.6 2.6 4.2
2014
January 415.9 -0.7 -8.3 0.7 1.7 3.1
February 418.7 0.7 8.4 1.9 2.4 2.1
March 419.7 0.2 2.9 0.8 2.2 2.2
April 421.0 0.3 3.8 5.0 2.8 2.3
May 421.3 0.1 0.9 2.5 2.2 2.4
June 422.8 0.4 4.4 3.0 1.9 2.2
July 422.1 -0.2 -2.0 1.0 3.0 2.4
August 423.1 0.2 2.9 1.7 2.1 2.2
September 422.6 -0.1 -1.4 -0.2 1.4 1.8
Percentage changes, not seasonally adjusted.

Statistics