The Consumer Price Index (CPI) based on prices in December 2014 is 422.3 points (May 1988=100), 0.31% higher than in November 2014. The CPI less housing cost is 394.3 points, 0.23% higher than in November.

International airfares increased by 14.3% (effect on CPI index 0.17%), cost of housing, water and electricity increased by 0.5% (0.13%) and prices of petrol and diesel oil decreased by 2.4% (-0.10%).

The CPI is 0,8% higher in December 2014 than in December 2013 while the CPI less housing cost is 0.4% lower than one year ago. Over the last three months, the CPI has decreased by 0.1%, equivalent to an annual deflation rate of 0.3% (1.4% annual deflation rate for the CPI less housing cost).

The average CPI in the year 2014 was 421.1 points, 2.0% higher than the average in 2013. This increase corresponds to a 3.9% rise in 2013 and 5.2% in 2012. 

The average CPI less housing cost was 395.4 points in 2014, 0.8% higher than in 2013. This change can be compared to a 3.8% rise in the year 2013 and 5.3% in 2012.

The CPI compiled in the middle of December 2014, 422.3 points, is applicable for indexation purposes in February 2015. The old credit terms index for February 2015 is 8,338 points.

Consumer price index by economic categories 2014
Subindices March 1997=100 Change in the last 12 months
Effect on the index
  November December %
Consumer Price Index 235.9 236.6 0.8 0.8
Thereof:
Domestic goods and vegetables 211.1 211.6 -0.8 -0.1
Agricultural products 195.9 197.0 -2.3 -0.1
Domestic goods less agricultural products 223.0 222.8 0.6 0.0
Imported goods 198.1 197.4 -2.8 -1.0
Imported goods less, alcohol and tobacco 188.9 188.2 -3.4 -1.1
Groceries (perishable items) 207.9 208.5 -1.2 -0.2

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
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
November 421.0 -0.5 -6.1 -2.0 -0.1 1.0
December 422.3 0.3 3.8 -0.3 -0.2 0.8
Percentage changes, not seasonally adjusted.

 

Statistics