Consumer price index, 15 November 2008

The consumer price index (CPI) was 124.7 (1998=100) per November 2008 compared to 120.8 at the same time last year. This is equivalent to a year-to-year growth of 3.2 per cent, down 2.3 percentage points from the year-to year growth in October. The year-to year growth in the CPI-ATE was 2.7 per cent in November 2008 compared with 3.3 per cent in October. The CPI-ATE decreased by 0.3 per cent from October to November 2008.

The year-to-year growth in the CPI

Prices of electricity including transport were the most important factor behind the rise with an increase of 22.3 percent from November 2007 to November 2008. Food also contributed to the year-to-year growth with a rise of 4.6 per cent last twelve months. Transport services increased by 8.8 per cent. Flight fares contributed the most with an increase of 18.4 per cent. The prices of hotel and restaurant services increased by 5.0 per cent.

Decreasing prices of clothing, audiovisual equipment and telecommunication services dampened the growth in the CPI.

Sharp fall in the year-to-year growth from October to November

The year-to-year growth fell from 5.5 per cent in October to 3.2 per cent in November. The most important factor behind the decrease in the CPI was the electricity prices. While the prices of electricity including transport increased by 29.3 per cent from October to November last year, they decreased by 1.9 per cent in the same period this year. The prices of fuels and lubricants also contributed to the decrease in the year-to-year growth. They increased by 6.6 per cent from October to November last year, while they decreased by 8.7 per cent in the same period this year. Other factors were the decreasing prices of food, telecommunication services and clothing.

Fall in the CPI in November

The CPI fell by 0.6 per cent from October to November. The largest contributor to the decrease was fuels and lubricants which fell by 8.7 per cent. Both gasoline and diesel became cheaper. The prices of telecommunication services fell by 10.7 per cent, and the prices of mobile phone communication contributed the most. The prices of electricity including transport decreased by 1.9 per cent. In November prices on both standard variable electricity contracts and spot price contracts decreased. Food prices fell by 0.6 per cent, especially prices of certain fresh vegetables fell.