Food prices pulled the CPI up
The Consumer Price Index (CPI) rose 0.4 per cent from January to February. The year-to-year growth in the CPI was 1.9 per cent in February, while the CPI-ATE growth was 2.4 per cent in the same period.
|Monthly change (per cent)||12-month rate (per cent)||Index|
|January 2015 - February 2015||February 2014 - February 2015||February 2015|
|CPI All-item index||0.4||1.9||138.4|
|Food and non-alcoholic beverages||1.9||3.1||131.5|
|Housing, water, electricity, gas and other fuels||-0.1||2.1||171.5|
|Recreation and culture||-0.1||3.0||120.9|
|Clothing and footwear||0.0||-2.9||51.1|
|CPI-ATE (july 1999 = 100)||0.5||2.4||129.3|
|CPI by delivery sector|
|Other consumer goods produced in Norway||0.4||0.7||163.7|
|Imported consumer goods||0.5||1.4||91.6|
|Other services with wages as dominating price factor||0.2||3.3||213.9|
The CPI was 138.4 (1998=100) in February 2015, compared to 135.8 in February 2014, which corresponds to a year-to-year growth of 1.9 per cent.
Monthly change: increased prices on food and non-alcoholic beverages
The CPI rose 0.4 per cent from January to February. Prices on food and non-alcoholic beverages increased 1.9 per cent during this period. Every subgroup, with the exception of oils and fats, showed a price increase from January to February. Amongst the subgroups, the price increase in mineral waters, soft drinks and juices together with vegetables in particular contributed to the rise.
Furniture and furnishings showed a price increase of 6.8 per cent in February, mainly due to the sales period in January. The price of audio-visual equipment increased 1.6 per cent from January to February, the highest monthly change in 14 years.
Lower prices of electricity including grid rent together with books were the most important contributors in dampening the increase of the CPI. Electricity prices including grid rent fell by 1.6 per cent from January to February. Prices of books decreased 14.4 per cent, mainly due to the annual Mammut sale.
Year-to-year growth: price increase of food and non-alcoholic beverages and higher rents
The CPI rose by 1.9 per cent from February 2014 to February 2015. Prices of food and non-alcoholic beverages increased 3.1 per cent during this period. Food prices increased 2.5 per cent and continued the trend from the second half of 2013 with a year-to-year growth of over 2 per cent. Imputed rentals for home owners increased 2.3 per cent in the last twelve months. The price of newspapers, books and stationary rose 8.6 per cent, largely due to the price growth of newspapers.
A price fall of 8.4 per cent for fuels and lubricants for personal equipment dampened the year-to-year growth. Fuel prices have decreased every month since July last year, with the exception of a minor increase in January, and in February are at the lowest level since February 2011.
Change in the year-to-year growth: airfares pull growth down
The year-to-year growth in the CPI decreased from 2.0 per cent in January to 1.9 per cent in February. The main contributor to the fall was the price development of airfares. Airfares rose 2.8 per cent from January to February this year compared to a 23.9 per cent price increase in the same period last year. The year-to- year growth in the CPI-ATE was 2.4 per cent in February, unchanged from January.