Consumer price index, 15 April 2003

The CPI stood at 112.9 (1998=100) in April this year in comparison with 109.7 last year.

The consumer prices down 0.8 per cent from March to April

The price development of tariffs on electricity was in April, as in March, the main contributor to the decrease in the consumer prices. The electricity tariffs fell sharply by 16.3 per cent in April and with this decline the tariffs have fallen by 33.1 per cent since January. The prices of liquid fuels also fell in April by 6.2 per cent. The petrol prices fell by 2.5 per cent following price increases in the first three months of 2003. The prices of auto diesel fell even more by 11.0 per cent in April.

Other contributions to the decline in the CPI in April come from lower prices of audiovisual equipment, passenger transport by air and footwear.

Rentals for housing and costs for owner-occupied housing have increased by 0.8 and 0.7 per cent respectively from March to April and contributed therefore to reduce the fall in the CPI.

The prices of clothing increased further in April and rose by 1.3 per cent on average. Despite the price increases, the prices are still 8.4 per cent below the December price level.

Higher prices of different recreational goods and services have also been registered in April. The ticket prices for different sports events have increased since last survey, so have the prices of boats and boat equipments. In addition, the prices of newspapers, books and stationery went up in April.

Higher insurance premiums for cars and a seasonal price increase of fresh vegetables such as paprika, tomatoes and potatoes are other components that have moderated the CPI fall in April.

Year-to-year change: Tariffs on electricity contributed to price growth

The CPI increased by 2.9 per cent from April 2002 to April 2003. The tariffs on electricity were still the main contributor to the growth in the consumer prices. Despite a decrease in the tariffs on electricity the last three months they are still 41.6 per cent higher compared with April last year. During the last 12 months the CPI excluding electricity has increased by 1.6 per cent.

During the last 12 months the costs for owner-occupied housing and rentals for housing have increased by 4.6 and 4.4 per cent respectively.

Higher insurance premiums and increased prices of services connected to health care have contributed to the year-to-year growth in the consumer prices. The prices of newspapers, books and stationery have increased as well.

The prices of clothing have declined by 10.8 per cent since April last year, and have contributed to moderate the growth in the consumer prices the last 12 months. As well did the prices of audiovisual equipment.

Change in the year-to-year growth: Energy products contributed to price decline

The year-to-year growth in the CPI went from 3.7 per cent in March to 2.9 per cent in April. The decline in the year-to-year growth can to a large extent be explained by the development of tariffs on electricity and prices of petrol. The tariffs on electricity dropped by 16.3 per cent in April this year, in comparison to a decline of 6.9 per cent in the same period last year. The prices of petrol fell by 2.5 per cent in April this year compared to a rise of 5.2 per cent last year. Also the prices of footwear have contributed to the decline in the year-to-year growth.

In April last year the removal of the passenger tax on flights caused the airline fares to drop 11.6 per cent. The airline fares fell only slightly in April this year and have therefore contributed to reduce the fall in the year-to-year growth from March to April, as did the rentals and the prices of sports events tickets.

The CPI adjusted for tax changes (CPI-AT) fell from 3.9 per cent in March to 3.0 per cent in April. The CPI-ATE went from 1.5 per cent to 1.6 per cent in the same period.