Consumer price index, 15 November 2007

The CPI was 120.8 (1998=100) per November 2007 compared to 119.0 in November 2006. This is equivalent to an increase of 1.5 per cent. Over the last twelve months the CPI-ATE has increased by 1.5 per cent.

Strong increase in energy prices

Prices of energy goods showed a considerable increase last month, and were the most significant contributor to the 1.6 per cent increase in the CPI. Electricity, including costs of electricity transport, rose by 29.3 per cent, the strongest monthly increase since January 2003. Prices of fuel rose by 6.6 per cent. Higher prices of clothing and food also had an upward pressure in November.

The main downward pressure came from falling prices of air travel and telecom services.

Moderate twelve-month growth

The year-to-year growth in the CPI was positive in November, following two months of negative growth. The CPI has risen by 1.5 per cent in the last twelve months. Several components have contributed to the rise. The main contributors were prices of goods and services related to household maintenance, up by 6.2 per cent, fuel prices, up by 12.3 per cent, and prices of food and non-alcoholic beverages, which have increased by 2.7 per cent. Other contributing factors were higher prices of newspapers and books, hotel and restaurant services.

Despite rising prices, electricity (including transport costs) was still the most important downward influence in the year-to-year growth. In November 2007, electricity prices were 15.5 per cent lower than in November 2006. Prices of clothing and audiovisual equipment were also lower than one year ago.

Strong increase in year-to-year change

The year-to-year growth in the CPI was 1.7 percentage points higher than last month, mainly due to the increase in electricity prices.

The CPI-ATE increased by 1.5 per cent, up 0.1 percentage points from last month.