The Consumer Price Index (CPI) based on prices in September 2016 is 438.5 points (May 1988=100), 0.48% higher than in August 2016. The CPI less housing cost is 396.1 points, 0.4% lower than in August.
The cost of owner occupied housing (imputed rent) rose by 3.3% (effect on the index 0.51%), prices of clothes and footwear rose by 4.7% (0.19%) and prices of recreational and culture related products and services rose by 1.0% (0.11%). International airfares decreased by 16.6% (-0.22%).
The rise in cost of owner occupied housing (imputed rent) is partially due to a correction. In March 2016 the cost of owner occupied housing rose by 0.01%. The price change between February and March was not included in the results until April 2016 due to a mistake. This created a one month time lag in cost of owner occupied housing. The mistake was detected in September and is corrected by including two months price changes in the results for September. The real price rise between August and September is 1.5% (0.24%) but 1.8% (0.27%) is the price change between July and August.
The CPI is 1.8% higher in September 2016 than in September 2015 while the CPI less housing cost has decreased 0.4% from one year ago.
The CPI compiled in the middle of September 2016, 438.5 points, is applicable for indexation purposes in November 2016. The old credit terms index for November 2016 is 8,658 points.
| Consumer price index by economic categories 2016 | ||||
| Subindices March 1997=100 | Change in the last 12 months | |||
| Effect on the index | ||||
| August | September | % | ||
| Consumer Price Index | 244.5 | 245.7 | 1.8 | 1.8 |
| Thereof: | ||||
| Domestic goods and vegetables | 226.4 | 225.8 | 1.8 | 0.3 |
| Agricultural products | 214.4 | 214.1 | 1.7 | 0.1 |
| Domestic goods less agricultural products | 234.8 | 233.9 | 2.1 | 0.2 |
| Imported goods | 187.1 | 187.7 | -2.8 | -1.0 |
| Imported goods less, alcohol and tobacco | 177.0 | 177.7 | -3.3 | -1.0 |
| Groceries (perishable items) | 217.8 | 217.3 | 0.2 | 0.0 |
| The Icelandic consumer price index 2015-2016 | ||||||
| May 1988 = 100 | Annualized rates | |||||
| Monthly index | Monthly changes | Latest month | Latest 3 months | Latest 6 months | Latest 12 months | |
| 2015 | ||||||
| September | 430.6 | -0.4 | -4.6 | 1.2 | 2.0 | 1.9 |
| October | 430.9 | 0.1 | 0.8 | 0.8 | 1.8 | 1.8 |
| November | 429.4 | -0.3 | -4.1 | -2.7 | 0.6 | 2.0 |
| December | 430.8 | 0.3 | 4.0 | 0.2 | 0.7 | 2.0 |
| 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 |
| Percentage changes, not seasonally adjusted. | ||||||