Consumer price index, 15 May 2004

The CPI stood at 113.4 (1998=100) in May this year compared with 112.3 in May last year. The CPI adjusted for tax changes and excluding energy products (CPI-ATE) increased by 0.1 per cent in the same period.

Slight CPI increase in May

On average, the CPI rose by 0.1 per cent from April to May. The most important contributions to the consumer prices came from the transport sector, but the large components petrol and passenger transport by air pulled in opposite directions. While petrol prices increased by 4.6 per cent, airline fares fell by 11.2 per cent.

The prices of materials for maintenance of dwelling, liquid fuels, alcoholic beverages and footwear also contributed to the rise in consumer prices in May. Social protection services had the opposite effect, with prices dropping 2.8 per cent due to lower kindergarten fees. In connection with the introduction of maximum fees in kindergartens from 1 May 2004, an extraordinary kindergarten survey has been carried out for May. In total, public and private kindergarten fees have fallen by 3.4 per cent since the last survey in January.

Year-to-year change: Price increase of 1.0 per cent

The consumer prices have increased by 1.0 per cent from May 2003 to May 2004. Petrol is the largest single contributor with a price increase of 14.1 per cent during the last 12 months. The bulk of the price rise has occurred in 2004.

From May last year to May this year food prices have increased by 2.4 per cent and tobacco prices 19.3 per cent.

The prices of products and services related to housing, water, electricity and other fuels have also increased in the last 12 months. Costs for owner-occupied housing and rentals for housing have increased by 1.6 and 1.7 per cent respectively, while the prices of products and services related to maintenance and repair of dwelling have gone up 3.6 per cent. The prices of electricity and other fuels as a total have increased by 3.7 per cent.

There has also been a price increase for health services and insurance premiums of 8.8 and 4.2 per cent respectively.

In total, the prices of clothing and footwear have fallen by 7.7 per cent and thus dampen the year-to-year growth. The prices of clothing have shown a far sharper decrease than footwear prices. Including the decline of 11.2 per cent in airline fares from April to May, the prices have fallen by 27.1 per cent from May last year. The prices of audiovisual equipment and social protection services have also counteracted the growth in the consumer prices, with price decreases of 7.2 and 9.8 per cent respectively.

Energy products caused increased year-to-year growth

The year-to-year growth in the CPI increased from 0.4 per cent in April to 1.0 per cent in May. The increase is mainly due to the price development of energy products. The prices of petrol went up 4.6 per cent in May this year, compared with a decrease of 5.9 per cent in May last year. Electricity tariffs went down only marginally in May this year, compared with a 9.1 per cent fall in the same period last year. Prices of passenger transport by air counteracted the increase in the year-to-year growth with a price fall of 11.2 per cent in May this year, while the prices only dropped slightly in May last year.

The year-to-year change in the CPI adjusted for tax changes (CPI-AT) climbed from a decrease of 0.1 per cent in April to an increase of 0.6 per cent in May. The CPI-ATE went down from 0.2 per cent in April to 0.1 per cent in May.

As of 10 June 2004 the Price Index of Retail Trade will no longer be published in connection with the CPI, and as a result Table 3 and Table 6 will be omitted.