Harmonized index of consumer prices, March 2002

From February to March the HICP for Norway increased by 0.3 per cent mainly due to an increase in the prices of clothing and footwear. Also higher prices of petrol and food and an increase in the rentals for housing contributed to this months` growth. A reduction in the tariffs on electricity, among other things, moderated the increase in the consumer prices. See the article for the Consumer Price Index for March for more details.

Change from January to February in the EEA

The HICP for the EEA was 110.1 in February, an increase of 0.2 per cent from January. The price growth was largest in Belgium with an increase of 1.7 per cent. Greece, on the other hand, experienced the largest reduction during this period with 1.1 per cent.

The actual rentals for housing in the EEA went up by 0.2 per cent from January to February. The largest increase was registered in Denmark with 2.1 per cent. Norway and Austria, on the other hand, were the only countries that experienced a decline. Also, the tariffs on electricity increased in the EEA from January to February. The price development in Luxembourg contributed the most to this rise. In Belgium, Norway and Sweden, however, a decrease in the tariffs on electricity was registered. With the exception of Denmark, Portugal and Iceland most countries in the EEA experienced an increase in the prices of petrol from January to February. Luxembourg contributed with the largest rise.

From January to February the prices of food decreased in the EEA. The decline was, among other things, caused by a reduction in the prices of vegetables, which was particularly comprehensive in Belgium and Greece. The prices of fruit, on the other hand, went up. The largest increase was registered in Netherlands. The prices of clothing and footwear showed a slight decrease in the EEA. Still, some of the countries experienced an increase, especially Belgium with a rise in the prices of approximately 25 per cent.

Year-to-year change in the EEA

The HICP in the EEA increased by 2.3 per cent from February 2001 to February 2002. Iceland experienced the largest increase by 9.5 per cent. Ireland and Netherlands were also registered with high growth in the consumer prices of 4.9 and 4.5 per cent respectively. Norway had the lowest year-to-year change with 0.4 per cent. The HICP for the European Union (EU) increased by 2.3 per cent. Eurostat in advance estimated the year-to-year change in February in the eurozone at 2.5 per cent. The actual price growth was 2.4 per cent.

Except for Norway, an increase in the prices of food in all the countries in the EEA during the last 12 months was registered. The prices increased the most on Iceland and in Greece. The rise may be explained by a strong increase in the prices of fruit and vegetables. From February 2001 to February 2002 the EEA experienced an increase in the rentals for housing by 2.2 per cent. In Ireland the rentals rose by about 10 per cent. In the EEA the prices of transport services have increased as well during the last 12 months, particularly in Iceland and Norway. The prices of petrol have shown a negative development in all the countries in the EEA, and have contributed to moderate the year-to-year growth.