The CPI based on prices in May 2008 is 304.4 points (May 1988=100), 1.37% higher than in the previous month. The CPI less housing cost is 273.6 points, 1.48% higher than in April.
The depreciation of the Krona and foreign inflation still generates increase of the price level as prices of imported goods increased 1.7% (effect on the index 0.61%). Prices of petrol and diesel oil increased 5.7% (0.26%).
Cost of owner occupied housing fell 0.2% (-0.04%), thereof the effect of lower market prices was -0.15% and of higher real interest rate 0.11%. Maintenance cost of housing rose by 5.7% (0.27%).
Prices of food and beverages rose by 1.9% (0.23%).
The CPI in May 2008 is 12.3% higher than in May 2007 while the CPI less housing cost is 11.4% higher than one year ago. Over the last three months, the CPI has increased 6.4%, equivalent to an annual inflation rate of 28% (32.7% for the CPI less housing cost).
The CPI compiled at the middle of May, 304.4 points, is applicable for indexation purposes in July 2008. The old credit terms index for July 2008 is 6,010 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 | ||||||
| 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 |
| 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 |
| 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 | ||||
| April | May | % | ||
| Consumer Price Index | 168.2 | 170.5 | 12.3 | 12.3 |
| Thereof: | ||||
| Domestic goods | 144.0 | 146.7 | 12.4 | 1.6 |
| Agricultural products | 142.8 | 145.2 | 14.6 | 0.8 |
| Domestic goods less agricultural products and vegetables | 144.2 | 147.2 | 10.7 | 0.8 |
| Imported goods | 136.2 | 138.5 | 14.3 | 5.0 |
| Imported goods less, alcohol and tobacco | 132.5 | 134.9 | 15.2 | 4.8 |
| Core index 1 (CPI less agric. prod., vegetables, | ||||
| fruits and petrol) | 168.9 | 170.8 | 10.8 | 9.7 |
| Core index 2 (core index 1 less public services) | 170.4 | 172.5 | 11.3 | 9.4 |
| Core index 3 (core index 2 less effects of interest rate) | 168.6 | 170.4 | 9.9 | 8.2 |
| Groceries (perishable items) | 140.4 | 143.4 | 14.8 | 2.2 |
Statistics