Consumer price index, 15 September 2004

The CPI stood at 113.7 (1998=100) in September this year compared with 112.5 in September last year, an increase of 1.1 per cent. The year-to-year change in the CPI-ATE increased from 0.1 per cent in August to 0.5 per cent in September.

Price increase of clothing

The consumer prices rose by 0.6 per cent from August to September. The increase can to a large extent be explained by a price rise of clothing. Followed by price decrease of clothing the past three months, the prices increased 9.1 per cent in September. With only a few exceptions there was an overall price increase of clothing.

With a price increase of 4.6 per cent, the electricity tariffs also contributed to the growth in the consumer prices. The petrol prices on the other hand, counteracted the increase with a decline of 4.8 per cent. As the CPI, the CPI excluding energy products (CPI-AE) increased by 0.6 per cent from August to September.

Another upward effect came from an increase of 5.7 per cent in airline fares from August to September. The prices of cultural services and educational expenditures showed a price rise since last surveys as well.

Price increase the last 12 months

The consumer prices have increased by 1.1 per cent from September 2003 to September 2004. Among the main driving forces behind the CPI growth was the 19.4 per cent increase in tobacco prices.

Other contributions to the year-to-year growth in the consumer prices came from petrol prices with a rise of 4.6 per cent, along with an 8.9 per cent increase in the prices of health services. The rentals for housing have increased more moderately with a rise of 1.8 per cent.

The CPI growth was offset by a 3.6 per cent decrease in the prices of clothing and footwear the last 12 months. Airline fares have contributed to dampen the CPI increase as well, with prices 13.6 per cent lower in September 2004 than in the same period last year. Audiovisual equipment has also shown a price decline the last 12 months.

Slight increase in the year-to-year growth

The year-to-year growth in the CPI increased slightly from 1.0 per cent in August to 1.1 per cent in September. The clothing prices increased far more sharply in September this year with 9.1 per cent, compared to a rise of 3.2 per cent in September last year. The petrol prices had a downward effect with a larger price decrease in September 2004 than in the same period last year.

The year-to-year growth in the CPI adjusted for tax changes (CPI-AT) went from 0.5 per cent in August to 0.6 per cent in September. The CPI-ATE growth increased from 0.1 per cent to 0.5 per cent in the same period mainly due to the price development of clothing.