The Consumer Price Index (CPI) based on prices in April 2015 is 427.0 points (May 1988=100), 0.14% higher than in March 2015. The CPI less housing cost is 395.6 points, 0.05% higher than in March.

Cost of housing, water and electricity increased by 0.43% (effect on the index 0.12%).

The CPI is 1.4% higher in April 2015 than in April 2014 while the CPI less housing cost is 0.1% lower than one year ago. Over the last three months, the CPI has increased by 1.8%, equivalent to an annual inflation rate of 7.6% (6.7% annual inflation rate for the CPI less housing cost).

The CPI compiled in the middle of April 2015, 427.0 points, is applicable for indexation purposes in June 2015. The old credit terms index for June 2015 is 8,431 points.

The consumer price index is now published on a new base, March 2015. The rebasing of the index is primarily built on Statistics Iceland’s household expenditure survey 2010–2012. In addition, Statistics Iceland has used other sources where more recent and reliable information is available, for example, household consumption expenditure and data on new car registrations. Outlet weights for grocery stores have been updated. The effect on the index was insignificant. The rebasing of the index does otherwise not have any effect on the CPI results in April. Expenditure shares according to the new and old base in March 2015 can be found here.

In concurrence with the rebasing this April a new methodology is implemented for measuring prices of telephone and internet services, as was announced in the CPI new release on 29 October 2014. The new method measures cost based on real charges of users instead of only changes in tariffs. Detailed data on price, quantity and value of used services from service providers are used. The methodology will be evaluated in concurrence with the next rebasing of the CPI in April 2016.

Statistics