Tuesday - 24 March 2009
Consumer price index in March 2009
The CPI based on prices in March 2009 is 334.5 points (May 1988=100), 0.59% lower than in the previous month. The CPI less housing cost is 309.0 points, 0.16% higher than in February.
Cost for owner occupied housing declined 5.1% (effect on the index -0.76%). Thereof the effect of lower market prices was -0.72% and of lower real interest rates -0.04%. Prices of petrol and diesel oil fell by 3.1% (-0.13%) and of food and beverages by 0.9% (-0.12%). Prices of international air fares declined 8.3% (-0.11%).
Closing of winter sales caused an increase in prices of clothing and footwear by 5.5% (0.26%).
The CPI in March 2009 is 15.2% higher than in March 2008 while the CPI less housing cost is 19.4% higher than one year ago. Over the last three months, the CPI has increased 0.5%, equivalent to an annual inflation rate of 1.9% (7.6% for the CPI less housing cost).
The CPI compiled in the middle of March 2009, 334.5 points, is applicable for indexation purposes in May 2009. The old credit terms index for May 2009 is 6,605 points.
In the past weeks debate about the current economic situation in Iceland, some misscomprehensions about the CPI price measurement have emerged. To meet users need for better understanding and knowledge in this field Statistics Iceland now publishes a web page with some frequently asked questions (FAQ) about the CPI and short answers to them.
|The Icelandic consumer price index 2008-2009|
|May 1988 = 100||Annualized rates|
|Monthly index||Monthly changes||Latest month||Latest 3 months||Latest 6 months||Latest 12 months|
|Percentage changes, not seasonally adjusted.|
|Consumer price index by economic categories 2009|
|Subindices March 1997=100||Change in the last 12 months|
|Effect on the index|
|Consumer Price Index||188.5||187.4||15.2||15.2|
|Domestic goods less agricultural products and vegetables||170.5||169.5||20.7||1.5|
|Imported goods less, alcohol and tobacco||155.0||155.7||25.3||8.0|
|Core index 1 (CPI less agric. prod., vegetables,|
|fruits and petrol)||190.0||189.1||15.3||13.7|
|Core index 2 (core index 1 less public services)||192.8||191.9||16.2||13.3|
|Core index 3 (core index 2 less effects of interest rate)||190.6||189.8||16.0||13.1|
|Groceries (perishable items)||173.0||171.9||30.1||4.3|