Harmonized index of consumer prices, August 2002

The HICP fell 0.4 per cent from July to August. The decline was among other things caused by decreases in the prices of clothing, food and airline fares. The decrease was dampened by an increase in the tariffs on electricity, higher prices of petrol and accommodation-and health care services. The HICP went up 1.1 per cent during the last 12 months. See http://www.ssb.no/kpi_en/ for more details.

Change from June to July in the EEA area

The HICP for the EEA was 111.1 in July, down 0.2 per cent from June. In comparison, the HICP for Norway was 113.7, a decline by 0.1 per cent. Germany and Portugal faced the strongest increases in the consumer prices with 0.3 per cent. In Greece the consumer prices decreased by 2.0 per cent.

The prices of food and non-alcoholic beverages declined in the EEA from June to July partly due to a reduction in the prices of fruit and vegetables. Norway on the other hand, experienced an increase in the prices of food and non-alcoholic beverages. Except for Iceland, the prices of clothing and footwear declined in all the countries in the EEA. The prices of transport services went up from June to July, particularly within passenger transport by air and sea. Actual rentals for housing increased only slightly in the EEA, while the prices of petrol declined marginally. The prices of package holidays and accommodation services rose in the EEA.

Year-to-year change in the EEA

From July 2001 to July 2002 the EEA consumer prices went up 1.8 per cent. The lowest year-to-year growth in the area had Germany with 1.0 per cent. Ireland and Iceland on the other hand, demonstrated growth rates of 4.2 and 4.0 per cent respectively.

From July 2001 to July 2002 the prices of food and non-alcoholic beverages rose by 1.5 per cent. Germany and UK were the only countries in the EEA area with a price decrease. The largest increases on the other hand, were registered in Greece and Spain. During the last 12 months the prices of clothing and footwear went up by 0.6 per cent while they in Norway declined by 5.0 per cent. The prices of petrol declined in July as well.

In advance, Eurostat estimated the year-to-year change in July in the Euro-zone to 1.9 per cent, which turned out to be the actual price growth. Expected growth in the consumer prices in the Euro-zone in August is 2.1 per cent. The HICP for the European Union (EU) increased by 1.8 per in July.