Consumer price index, 15 August 2011

The Consumer price index (CPI) was 129.4 (1998=100) as per August 2011, compared with 127.8 in August 2010. This was equivalent to a year-to-year growth of 1.3 per cent in August 2011, down 0.3 percentage points from the previous month. The year-to year growth in the CPI-ATE was 0.8 per cent in August 2011, down 0.4 percentage points from July.

Price decreases in food and airline fares from July to August

Prices of food and non-alcoholic beverages went down by 1.7 per cent from July to August 2011. A price decline was registered in all food groups except fruit. Prices of fish and vegetables decreased the most. The price decline for fish is due to sales of frozen fish products such as cod, coalfish and shellfish, while the decline in the price of vegetables is ascribable to seasonal variation. Price falls were also measured for coffee, soft drinks and juice. The decline in the CPI was also affected by a fall of 17.8 per cent in airline fares.

Prices of clothing fell by 1.8 per cent. The seasonal sales have continued into August, but this was dampened by the introduction of new clothes in the stores. Price declines for furniture were also registered as a consequence of sales in August.

Imputed rentals for housing, together with an increase in the prices of hotel services pulled in the opposite direction.

CPI up 1.3 per cent the last twelve months

The CPI rose by 1.3 per cent from August 2010 to August 2011. The consumption groups that contributed most to the rise were prices of fuel and lubricants, together with imputed rentals for owner-occupiers, with increases of 11.8 and 2.0 per cent respectively. Prices of non-alcoholic beverages together with alcoholic beverages and tobacco rose by 7.4 and 6.8 per cent respectively.

The year-to-year growth in CPI was dampened by prices of audiovisual equipment, clothing and food being lower in August this year than in August last year.

Decrease in the year-to-year growth

The year-to-year growth in the CPI went down by 0.3 percentage points from July to August. The main causes were the development of prices of food and non-alcoholic beverages, which decreased more from July to August this year than in the corresponding period last year. Prices in this consumption group decreased by 1.7 per cent from July to August, while the decrease was only 0.2 per cent for the same period in 2010.

The year-to-year growth in the CPI-ATE was 0.8 per cent in August 2011, down 0.4 percentage points from July.

Tables

Published tables