Consumer price index, 15 February 2011

The consumer price index (CPI) was 130.2 (1998=100) per February 2011, compared with 128.7 in the corresponding period 2010. This was equivalent to a year-to-year growth of 1.2 per cent in February 2011, down from 2.0 per cent in January. The year-to year growth in the CPI-ATE was 0.8 per cent in February 2011, up 0.1 percentage point from January.

Price increase on food from January to February

The CPI rose 0.4 per cent from January to February 2011. The rise was mainly caused by a sharp increase in prices on food. Food prices have risen every February for the past 10 years, and rose 2.7 per cent this year. Almost every sub-group showed increased prices.

Prices on transport services rose 4.2 per cent; airline fares went up 15.2 per cent and contributed most to the increase in this group. Prices on furniture and furnishings showed a price increase of 4.6 per cent. Also contributing to this month’s increased CPI were 1.8 per cent higher prices on clothing.

On the contrary, prices on electricity including grid rent and books fell by 6.5 and 17.1 per cent respectively from January to February, thereby dampening the increase in the CPI. The sharp drop in the prices of books was caused by the yearly “Mammut” sales, which took place partly in February. Falling prices on audiovisual equipment were also recorded.

Decreased year-to-year growth in the CPI

There was a fall in the year-to-year growth of the CPI of 0.8 percentage points from January to February 2011. The year-to-year growth in the CPI-ATE was 0.8 in February 2011, up 0.1 percentage point from January. The decreased growth rate for the CPI was caused by a 6.5 per cent decline in electricity prices including grid rent from January to February 2011, compared to a 16.5 per cent rise from January to February 2010. A stronger increase in food prices in February this year compared to last year contributed in the opposite direction, thereby pulling the growth rate for the CPI-ATE upwards.

The CPI increased by 1.2 per cent from February 2010 to February 2011. The year-to-year growth on prices within maintenance and repair of personal transport equipment was 6.7 per cent. The prices on fuels and lubricants, which rose by 9.4 per cent, increased most within this group. Imputed rentals for owner-occupiers increased by 2.1 per cent in the same period. Prices on cultural services rose 4.9 per cent. In the same period, prices on tobacco and alcohol combined increased by 6.0 per cent, while restaurant services increased by 2.8 per cent.

The decrease in prices on clothing of 5.7 per cent dampened the year-to-year growth in CPI in February. Audiovisual equipment continued to show falling prices in the period, with a 6.4 per cent decrease. Prices on books fell 22.0 per cent, and air fares went down 12.6 per cent. There were also recorded lower prices on telephone services, food, furniture and telephone equipment.

Tables

Published tables