The Consumer Price Index (CPI) based on prices in January 2017 is 436.5 points (May 1988=100) which is 0.57% lower than in the previous month. The CPI less housing cost is 388.0 points, 1.20% lower than in December 2016.
Winter sales are ongoing and prices of clothing and footwear decreased by 10.0% (effect on the index -0.42%), prices of furniture and furnishings decreased by 10.3% (-0.15%) and prices of household appliances decreased by 14.9% (-0.11%). Prices of new cars decreased by 3.4% (-0.20%) and international airfares decreased by 12.2% (-0.13%).
The cost of owner occupied housing (imputed rent) rose by 1.3% (0.22%) and prices of petrol and diesel oil increased by 3.8% (0.14%).
The CPI is 1.9% higher in January 2017 than in January 2016 while the CPI less housing cost has decreased by 0.9% from one year ago.
The CPI compiled in the middle of January 2017, 436.5 points, is applicable for indexation purposes in March 2017. The old credit terms index for March 2017 is 8,619 points.
| Consumer price index by economic categories 2016-2017 | ||||
| Subindices March 1997=100 | Change in the last 12 months | |||
| Effect on the index | ||||
| December | January | % | ||
| Consumer Price Index | 246.0 | 244.5 | 1.9 | 1.9 |
| Thereof: | ||||
| Domestic goods and vegetables | 223.0 | 223.8 | 1.4 | 0.2 |
| Agricultural products | 210.2 | 212.1 | 1.8 | 0.1 |
| Domestic goods less agricultural products | 232.2 | 232.0 | 1.0 | 0.1 |
| Imported goods | 184.9 | 180.0 | -3.0 | -1.0 |
| Imported goods less, alcohol and tobacco | 174.8 | 169.0 | -3.7 | -1.1 |
| Groceries (perishable items) | 212.6 | 212.4 | -1.3 | -0.2 |
| The Icelandic consumer price index 2016-2017 | ||||||
| May 1988 = 100 | Annualized rates | |||||
| Monthly index | Monthly changes | Latest month | Latest 3 months | Latest 6 months | Latest 12 months | |
| 2016 | ||||||
| January | 428.3 | -0.6 | -6.7 | -2.4 | -0.8 | 2.1 |
| February | 431.2 | 0.7 | 8.4 | 1.7 | -0.5 | 2.2 |
| March | 432.8 | 0.4 | 4.5 | 1.9 | 1.0 | 1.5 |
| April | 433.7 | 0.2 | 2.5 | 5.1 | 1.3 | 1.6 |
| May | 435.5 | 0.4 | 5.1 | 4.0 | 2.9 | 1.7 |
| June | 436.3 | 0.2 | 2.2 | 3.3 | 2.6 | 1.6 |
| July | 434.9 | -0.3 | -3.8 | 1.1 | 3.1 | 1.1 |
| August | 436.4 | 0.3 | 4.2 | 0.8 | 2.4 | 0.9 |
| September | 438.5 | 0.5 | 5.9 | 2.0 | 2.7 | 1.8 |
| October | 438.5 | 0.0 | 0.0 | 3.4 | 2.2 | 1.8 |
| November | 438.4 | 0.0 | -0.3 | 1.8 | 1.3 | 2.1 |
| 2017 | 439.0 | 0.1 | 1.7 | 0.5 | 1.2 | 1.9 |
| January | 436.5 | -0.6 | -6.6 | -1.8 | 0.7 | 1.9 |
| Percentage changes, not seasonally adjusted. | ||||||