CPI down 0.3 per cent last month
The Consumer Price Index (CPI) fell by 0.3 per cent from July to August, mainly due to lower prices on food, furniture and clothing. The year-to-year growth in the CPI was 2.1 per cent in August, while the CPI-ATE growth was 2.2 per cent in the same period.
|Monthly change (per cent)||12-month rate (per cent)||Index|
|July 2014 - August 2014||August 2013 - August 2014||August 2014|
|CPI All-item index||-0.3||2.1||137.0|
|Food and non-alcoholic beverages||-1.2||2.8||130.7|
|Housing, water, electricity, gas and other fuels||0.5||1.9||168.4|
|Recreation and culture||-0.3||1.5||119.2|
|Clothing and footwear||-2.1||-3.4||50.6|
|CPI-ATE (july 1999 = 100)||-0.5||2.2||127.7|
|CPI by delivery sector|
|Other consumer goods produced in Norway||-0.7||1.5||163.8|
|Imported consumer goods||-0.8||1.1||90.1|
|Other services with wages as dominating price factor||0.5||3.8||210.6|
The CPI was 137.0 (1998=100) in August 2014, compared to 134.2 in August 2013, which corresponds to a year-to-year growth of 2.1 per cent.
Monthly change: lower prices on food, furniture and clothing
The CPI decreased 0.3 per cent from July to August. Food prices fell as they normally do from July to August. This year prices decreased 1.3 per cent, slightly above the five-year average for this period. Prices went down for most sub-groups.
The normal seasonal sales activities led to lower prices of furniture and clothing. From July to August they went down by 5.4 and 2.7 per cent respectively. Prices also fell for airfares, newspapers and periodicals, as well as household textiles.
Despite the normal decrease from July to August, prices of electricity including grid rent rose by 2.5 per cent. Prices of passenger transport by sea rose 10.9 per cent last month, and dental services had a price increase of 2.9 per cent since last measured in January. As usual, the price of accommodation services rose in August.
Year-to-year growth: increased prices on transport, food and higher rents
The CPI rose by 2.1 per cent from August 2013 to August 2014. Over the last twelve months, food and non-alcoholic beverages had a price increase of 2.8 per cent. Imputed rentals of home owners rose 2.6 per cent. Furniture and furnishings showed a price growth of 8.2 per cent, while operation of personal transport equipment had a price increase of 2.1 per cent.
The year-to-year growth in the CPI was mainly dampened by 4.3 per cent lower prices of clothing. Prices of electricity including grid rent fell by 3.2 per cent in the last twelve months, while book prices went down 8.3 per cent in the same period.
Change in the year-to-year growth: lower growth rate
The year-to-year growth in the CPI decreased from 2.2 per cent in July to 2.1 per cent in August. The year-to year growth in the CPI-ATE was 2.2 per cent in August, down 0.4 percentage points from July. The main contributor to the lower growth rates was the price development of clothing. These prices fell almost 3 per cent from July to August this year, while they showed a small increase in the same period last year. The main contributor to the greater decrease in the growth rate in the CPI-ATE than the CPI was the price development of electricity. Prices of electricity including grid rent rose 2.5 per cent from July to August this year, compared to a small decrease in the same period last year. Electricity including grid rent is not included in the CPI-ATE.