The Consumer Price Index (CPI) based on prices in June 2020 is 482.2 points (May 1988=100), 0.44% higher than in the previous month. The CPI less housing cost is 412.7 points, 0.51% higher than in May 2020.
Prices of food and drinks increased by 1.0% (effects on index 0.15%). Cost of owner occupied housing (imputed rent) increased by 0.4% (0.06%).
The CPI is 2.6% higher in June 2020 than in June 2019 and the CPI less housing cost is 2.7% higher than one year ago.
The CPI compiled in the middle of June 2020, 482.2 points, is applicable for indexation purposes in August 2020. The old credit terms index for August 2020 is 9,521 points.
| The Icelandic consumer price index 2019-2020 | ||||||
| May 1988 = 100 | Annualized rates | |||||
| Monthly index | Monthly changes | Latest month | Latest 3 months | Latest 6 months | Latest 12 months | |
| 2019 | ||||||
| June | 469.8 | 0.4 | 4.7 | 3.9 | 2.6 | 3.3 |
| July | 468.8 | -0.2 | -2.5 | 1.6 | 3.0 | 3.1 |
| August | 470.1 | 0.3 | 3.4 | 1.8 | 3.1 | 3.2 |
| September | 470.5 | 0.1 | 1.0 | 0.6 | 2.2 | 3.0 |
| October | 472.2 | 0.4 | 4.4 | 2.9 | 2.2 | 2.8 |
| November | 472.8 | 0.1 | 1.5 | 2.3 | 2.1 | 2.7 |
| December | 473.3 | 0.1 | 1.3 | 2.4 | 1.5 | 2.0 |
| 2020 | ||||||
| January | 469.8 | -0.7 | -8.5 | -2.0 | 0.4 | 1.7 |
| February | 474.1 | 0.9 | 11.6 | 1.1 | 1.7 | 2.4 |
| March | 475.2 | 0.2 | 2.8 | 1.6 | 2.0 | 2.1 |
| April | 477.5 | 0.5 | 6.0 | 6.7 | 2.3 | 2.2 |
| May | 480.1 | 0.5 | 6.7 | 5.2 | 3.1 | 2.6 |
| June | 482.2 | 0.4 | 5.4 | 6.0 | 3.8 | 2.6 |
Percentage changes, not seasonally adjusted
The measurement of the CPI in light of Covid-19
The measurement and compilation of the CPI in June did pass normally with the exception of parts related to transport to and from the country.
The challenges in measuring prices due to the situation were discussed thoroughly in the news release on the Consumer Price Index in April 2020. Statistics Iceland would also like to bring attention to the information website “Frequently asked questions about the Icelandic CPI”.
Statistics Iceland estimates that about 3% of the CPI weights in June have been measured with imputed prices where service was not available due to cancellations because of Covid-19.