Consumer price index, 15 March 2009

The consumer price index (CPI) was 125.1 (1998=100) as per March 2009 compared with 122.0 in the corresponding month the previous year. This is equivalent to a year-to-year growth of 2.5 per cent in March, the same as in February. The year-to-year growth in the CPI-ATE was 2.7 per cent in March 2009 compared with 3.0 per cent in February 2009.

Growth in clothing prices from February to March

The CPI increased by 0.1 per cent from February to March 2009. Prices of clothing and footwear increased by 4.8 per cent, where the clothing prices showed a little stronger increase than the prices on footwear. Imputed rentals also contributed to the growth in the CPI with an increase of 0.4 per cent from February to March.

Prices on energy goods contributed to dampen the growth in the CPI. Electricity prices including grid decreased by 5.2 per cent, while prices of fuel and lubricants decreased by 1.1 per cent. Prices on books fell by 20.4 per cent, consistent with the yearly book sales in March. Airline fares also contributed in the same direction, with a decrease of 4.6 per cent from February to March.

Year-to-year growth: Food prices and housing costs behind the CPI growth

The CPI increased by 2.5 per cent from March 2008 to March 2009. The rise in food prices was the main contributor to the year-to-year growth, with an increase of 5.1 per cent. There were also higher prices on both non-alcoholic and alcoholic beverages. For imputed rentals and for electricity prices including grid, there were increases of 3.4 and 9.5 per cent respectively. Services of recreation and culture as well as restaurants also contributed to the price growth in the CPI over the last twelve months

Prices of fuel and lubricants had a decrease of 11.1 per cent and was the larges contributor in dampening the growth in the CPI from March 2008 to March 2009. Prices of clothing fell by 4.3 per cent, while audiovisual equipment and telephone services had a decrease in prices of 8.3 and 9.4 per cent respectively.

Decrease in the year-to-year growth of the CPI-ATE from February to March

The year-to-year growth of the CPI-ATE fell from 3.0 per cent in February to 2.7 per cent in March, mainly due to the development in airline fares and imputed rentals. In March this year there was a decrease in airline fares, while they showed a strong increase at the same time last year. For imputed rentals there was a weaker growth in March this year compared with March last year.

There was no change in the year-to-year growth of the CPI from February to March.