As of January 2008, the timing of the data collection for the compilation of CPI and the calculation of the CPI is changed, cf. Act no. 27/2007. From this time onwards the CPI is based on prices prevailing around the middle of each month. Previously, it was based on prices in the two first working days of each month.
The CPI based on prices in the middle of January 2008 is 282.3 points (May 1988=100). It was 0.1% lower than in the beginning of January but 0.18% higher than in December 2007. The CPI less housing cost is 251.0 points, 0.05% lower than at the beginning of the month and 0.16% lower than in December.
Winter sales continue causing decrease in prices of clothing and footwear by 5.1% since in the beginning of the month (effect on the index -0.21%).
Cost of owner occupied housing fell by 0.3% (-0.06%) from the value calculated at the beginning of January. Prices of food and beverages rose by 1.3% (0.16%) from the beginning of the month.
The CPI in January 2008 is 5.8% higher than in January 2007 (prices at the beginning of the month last year but in the middle of the month now) while the CPI less housing cost is 2.3% higher than one year ago. The constant tax-rate CPI is 7.7% higher in January 2008 than in January 2007 and the constant tax-rate CPI less housing cost is 4.8% higher. Over the last three months, the CPI has risen by 1.5%, equivalent to an annual inflation rate of 6.2% (3.8% for the CPI less housing cost).
The CPI compiled at the middle of January, 282.3 points, is applicable for indexation purposes in March 2008. The old credit terms index for March 2008 is 5,574 points.
| The Icelandic Consumer Price Index 2007-2008 | ||||||
| May 1988 = 100 | Annualized rates | |||||
| Monthly index | Monthly changes | Latest month | Latest 3 months | Latest 6 months | Latest 12 months | |
| 2007 | ||||||
| January | 266.9 | 0.3 | 3.2 | 1.1 | 2.9 | 6.9 |
| February | 268.0 | 0.4 | 5.1 | 2.9 | 3.1 | 7.4 |
| March | 267.1 | -0.3 | -4.0 | 1.4 | 1.1 | 5.9 |
| April | 268.7 | 0.6 | 7.4 | 2.7 | 1.9 | 5.3 |
| May | 271.0 | 0.9 | 10.8 | 4.6 | 3.7 | 4.7 |
| June | 272.4 | 0.5 | 6.4 | 8.2 | 4.7 | 4.0 |
| July | 273.0 | 0.2 | 2.7 | 6.6 | 4.6 | 3.8 |
| August | 273.1 | 0.0 | 0.4 | 3.1 | 3.8 | 3.4 |
| September | 276.7 | 1.3 | 17.0 | 6.5 | 7.3 | 4.2 |
| October | 278.1 | 0.5 | 6.2 | 7.7 | 7.1 | 4.5 |
| November | 279.9 | 0.6 | 8.0 | 10.3 | 6.7 | 5.2 |
| December | 281.8 | 0.7 | 8.5 | 7.6 | 7.0 | 5.9 |
| 2008 | ||||||
| January | 282.3 | 0.2 | 2.2 | 6.2 | 6.9 | 5.8 |
| Percentage changes, not seasonally adjusted. | ||||||
| Consumer price index by economic categories 2008 | ||||
| Subindices March 1997=100 | Change in the last 12 months | |||
| Effect on the index | ||||
| December | January | % | ||
| Consumer Price Index | 157.9 | 158.2 | 5.8% | 5.8% |
| Thereof: | ||||
| Domestic goods | 134.3 | 136.3 | -1.4% | -0.2% |
| Agricultural products | 131.0 | 133.4 | -1.1% | -0.1% |
| Domestic goods less agricultural products and vegetables | 136.3 | 138.0 | -1.7% | -0.1% |
| Imported goods | 123.4 | 121.4 | 2.1% | 0.7% |
| Imported goods less, alcohol and tobacco | 119.4 | 117.3 | 2.2% | 0.7% |
| Core index 1 (CPI less agric. prod., vegetables, | ||||
| fruits and petrol) | 159.7 | 159.7 | 5.7% | 5.1% |
| Core index 2 (core index 1 less public services) | 160.8 | 160.5 | 6.0% | 4.9% |
| Groceries (perishable items) | 127.8 | 130.2 | -1.8% | -0.3% |
Statistics