No change in the CPI
The Consumer Price Index (CPI) showed no change from November to December. The year-to-year growth in the CPI was 2.1 per cent in December, while the CPI-ATE growth was 2.4 per cent in the same period.
|Monthly change (per cent)||12-month rate (per cent)||Index|
|November 2014 - December 2014||December 2013 - December 2014||December 2014|
|CPI All-item index||0.0||2.1||137.9|
|Food and non-alcoholic beverages||-1.6||2.4||127.8|
|Housing, water, electricity, gas and other fuels||0.6||2.0||170.5|
|Recreation and culture||0.8||2.4||121.5|
|Clothing and footwear||0.2||0.0||55.2|
|CPI-ATE (july 1999 = 100)||-0.1||2.4||128.7|
|CPI by delivery sector|
|Other consumer goods produced in Norway||-0.4||1.1||163.1|
|Imported consumer goods||0.1||1.3||91.9|
|Other services with wages as dominating price factor||0.2||3.8||212.4|
The CPI was 137.9 (1998=100) in December 2014, compared to 135.1 in December 2013, which corresponds to a year-to-year growth of 2.1 per cent. Annual growth in the CPI was 2.0 per cent for 2014, while it was 2.4 per cent for the annual CPI-ATE.
Monthly change: unchanged from November to December
The CPI showed no change from November to December. Electricity prices including grid rent increased 4.5 per cent, while airfares rose 6.0 per cent. In the same period, prices on newspapers, books and stationary increased 2.8 per cent.
Food prices fell 1.7 per cent from November to December, which particularly related to price declines on Christmas goods such as chocolate, fresh fruit and pork. Prices on fuels and lubricants for personal transportation fell 4.6 per cent, mainly due to lower petrol prices. Lower oil prices have contributed to the reduction of petrol prices by 5.3 per cent, the largest monthly price reduction for petrol since December 2008.
Year-to-year growth: higher rents last twelve months
The CPI rose by 2.1 per cent from December 2013 to December 2014. Imputed rentals for home owners have had a falling growth rate in 2014, but with an increase of 2.2 per cent was still this month’s single most important factor in the year-to-year growth in the CPI. Transport services had a price increase of 8.0 per cent from December 2013 to December 2014.
The year-to-year growth in the CPI was mainly dampened by lower fuel and lubricant prices. Petrol prices fell 6.5 per cent from December 2013 to December 2014. In the same period, prices on auto diesel fell 5.8 per cent.
Change in the year-to-year growth: electricity prices pull growth up
The year-to-year growth in the CPI increased from 1.9 per cent in November to 2.1 per cent in December. The main contributor to the rise was the price development of electricity. The price of electricity and grid rent increased 4.5 per cent from November to December 2014 compared to a 1.9 per cent price fall in the same period in 2013. On the other hand, prices of fuels and lubricants fell 4.6 per cent from November to December 2014, while the price increased 0.3 per cent from November to December 2013. The year-to- year growth in the CPI-ATE was 2.4 per cent in December, unchanged from November.