The CPI based on prices in July 2008 is 310.0 points (May 1988=100), 0.94% higher than in the previous month. The CPI less housing cost is 278.3 points, 0.87% higher than in June.
Summer sales are widely underway, reducing prices of clothing and footwear by 11.6% (effect on the index -0.53%).
Prices of new cars rose by 5.3% (0.38%) and of petrol and diesel oil by 2.0% (0.10%). Prices of food and beverages increased 2.2% (0.27%) and furniture etc. prices rose by 6.4% (0.18%).
Cost of owner occupied housing increased 1.1% (0.19%), thereof the effect of higher market prices was 0.11% and of higher real interest rate 0.08%.
The CPI in July 2008 is 13.6% higher than in July 2007 while the CPI less housing cost is 13.2% higher than one year ago. Over the last three months, the CPI has increased 3.2%, equivalent to an annual inflation rate of 13.6% (13.5% for the CPI less housing cost).
The CPI compiled at the middle of July, 310.0 points, is applicable for indexation purposes in September 2008. The old credit terms index for September 2008 is 6,121 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 | ||||||
| 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 |
| February | 286.2 | 1.4 | 17.9 | 9.3 | 9.8 | 6.8 |
| March | 290.4 | 1.5 | 19.1 | 12.8 | 10.1 | 8.7 |
| April | 300.3 | 3.4 | 49.5 | 28.0 | 16.6 | 11.8 |
| May | 304.4 | 1.4 | 17.7 | 28.0 | 18.3 | 12.3 |
| June | 307.1 | 0.9 | 11.2 | 25.1 | 18.8 | 12.7 |
| July | 310.0 | 0.9 | 11.9 | 13.6 | 20.6 | 13.6 |
| 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 | ||||
| June | July | % | ||
| Consumer Price Index | 172.1 | 173.7 | 13.5 | 13.5 |
| Thereof: | ||||
| Domestic goods | 147.2 | 149.8 | 14.5 | 1.9 |
| Agricultural products | 145.5 | 147.3 | 16.2 | 0.9 |
| Domestic goods less agricultural products and vegetables | 147.7 | 151.0 | 13.3 | 1.0 |
| Imported goods | 140.3 | 141.3 | 17.5 | 6.0 |
| Imported goods less, alcohol and tobacco | 136.7 | 137.6 | 18.6 | 5.8 |
| Core index 1 (CPI less agric. prod., vegetables, | ||||
| fruits and petrol) | 171.7 | 173.2 | 11.8 | 10.5 |
| Core index 2 (core index 1 less public services) | 173.5 | 175.1 | 12.4 | 10.2 |
| Core index 3 (core index 2 less effects of interest rate) | 171.3 | 172.6 | 10.8 | 8.9 |
| Groceries (perishable items) | 144.6 | 147.7 | 18.4 | 2.6 |