The Consumer Price Index based on prices in October 2014 is 423.2 points (May 1988=100), 0.14% higher than in September 2014. The CPI less housing cost is 395.8 points, 0.03% higher than in September.

Prices of petrol and diesel oil decreased by 3.5% (effect on the index -0.15%) and cost of housing, water, electricity and other energy rose by 0.4% (0.11%). International airfares rose by 11% (0.14%). A mistake was made in the calculation of international airfares in September 2014. The effect of international airfares on the index in September was -0.52% but should have been -0.35%.

This is corrected in the October index (effect of international airfares without the correction -0.03%).

The CPI is 1.9% higher in October 2014 than in October 2013 and the CPI less housing cost is 0.5% higher than one year ago. Over the last three months, the CPI has increased by 0.3%, equivalent to an annual inflation rate of 1.0% (0.9% deflation for the CPI less housing cost).

The implementation of a new model for measuring prices of telephone and internet services, announced in the news release for the consumer price index on 25 September, has been postponed until the annual rebasing of the consumer price index in April 2015.

The CPI compiled in the middle of October 2014, 423.2 points, is applicable for indexation purposes in  December 2014. The old credit terms index for December 2014 is 8,356 points.


Consumer price index by economic categories 2014
Subindices March 1997=100 Change in the last 12 months
Effect on the index
  September October %
Consumer Price Index 236.8 237.1 1.9 1.9
Thereof:
Domestic goods and vegetables 212.1 211.7 -0.1 0.0
Agricultural products 198.9 197.7 -1.2 -0.1
Domestic goods less agricultural products 221.8 222.3 0.9 0.1
Imported goods 199.9 199.2 -1.8 -0.6
Imported goods less, alcohol and tobacco 190.9 190.1 -2.2 -0.7
Groceries (perishable items) 208.8 208.6 -0.6 -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
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
October 423.2 0.1 1.7 1.0 1.0 1.9
Percentage changes, not seasonally adjusted.

Statistics