The Consumer Price Index based on prices in May 2014 is 421.3 points (May 1988=100), 0.07% higher than in April 2014. The CPI less housing cost is 395.7 points, 0.08% lower than in April.
Cost of airfares declined by 8.1% (effect on the index (-0.15%) and cost of owner occupied housing (imputed rent) rose by 0.9% (0.12%).
The CPI is 2.4% higher in May 2014 than in May 2013 and the CPI less housing cost is 1.1% higher than one year ago. Over the last three months, the CPI has increased by 0.6%, equivalent to an annual inflation rate of 2.5% (0.8% inflation for the CPI less housing cost).
The CPI compiled in the middle of May 2014, 421.3 points, is applicable for indexation purposes in July 2014. The old credit terms index for July 2014 is 8,319 points.
| Consumer price index by economic categories 2014 | ||||
| Subindices March 1997=100 | Change in the last 12 months | |||
| Effect on the index | ||||
| April | May | % | ||
| Consumer Price Index | 235.9 | 236.1 | 2.4 | 2.4 |
| Thereof: | ||||
| Domestic goods and vegetables | 211.8 | 211.7 | 1.1 | 0.1 |
| Agricultural products | 198.9 | 198.2 | 0.9 | 0.1 |
| Domestic goods less agricultural products | 221.3 | 221.8 | 1.4 | 0.1 |
| Imported goods | 201.9 | 202.1 | 0.0 | 0.0 |
| Imported goods less, alcohol and tobacco | 192.9 | 193.2 | -0.3 | -0.1 |
| Groceries (perishable items) | 208.6 | 209.0 | 0.4 | 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 | ||||||
| May | 411.3 | 0.0 | -0.6 | 1.4 | 4.7 | 3.3 |
| June | 413.5 | 0.5 | 6.6 | 2.8 | 5.7 | 3.3 |
| July | 412.4 | -0.3 | -3.1 | 0.9 | 4.6 | 3.8 |
| August | 413.8 | 0.3 | 4.2 | 2.5 | 1.9 | 4.3 |
| 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 |
| Percentage changes, not seasonally adjusted. | ||||||