Consumer price index, 15 November 2002

The CPI stood at 111.0 (1998=100) in November 2002 in comparison with 108.7 in November 2001. The CPI adjusted for tax changes and excluding energy products (CPI-ATE) was 2.0 per cent in November, down from 2.1 per cent in October.

The consumer prices up 0.4 per cent from October to November

After a rise in the tariffs on electricity of 6.0 per cent in October, the tariffs rose even more in November by10.3 per cent. The increase can be seen in connection with low amount of rainfall, see Water levels in the reservoirs . The increase in the tariffs in November is much stronger compared with the same periods in previous years.

The prices of food rose by 0.3 per cent from October to November. The prices of fresh meat products and domestically produced vegetables increased while the prices of imported vegetables and fresh fruit decreased.

The prices of petrol, audiovisual equipment and some clothing products decreased in November and contributed to dampen the price growth from October to November.

Year-to-year change: Prices up 2.1 per cent

The CPI has increased by 2.1 per cent during the last 12 months, which is the highest growth rate so far this year. The growth is mainly due to higher rentals and higher tariffs on electricity. Costs for owner-occupied housing and rentals for housing have increased by 4.4 and 4.2 per cent respectively. The tariffs on electricity have risen by 7.6 per cent and have, unlike previous months, contributed to increase the year-to-year growth.

The prices of food and petrol have also been important contributors to the CPI with growth rates of 3.4 and 6.5 per cent respectively. The CPI excluding energy products (CPI-AE) has increased by 1.7 per cent during the last 12 months.

There have been registered price increases for different services such as higher insurance premiums as well as higher prices of restaurant- and different health services.

The prices of clothing have decreased by 8.3 per cent since November last year. Airline fares have dropped 14.7 per cent and the prices of audiovisual equipment have fallen 6.3 per cent during the last 12 months.

The CPI adjusted for tax changes (CPI-AT) was 2.5 per cent in November. Lower taxes have reduced the consumer price growth by 0.4 percentage points.

Change in the year-to-year growth: Increase

The year-to-year growth in the CPI went from 1.8 per cent in October to 2.1 per cent in November. This rise is by far caused by the price development of tariffs on electricity. In November last year the tariffs fell slightly by 0.1 per cent while in November this year the tariffs increased by 10.3 per cent. The petrol- and food prices have also contributed to the increase while the prices of clothing have gone in the opposite direction.

CPI-AT increased from 2.1 per cent in October to 2.5 per cent in November while CPI-ATE fell from 2.1 to 2.0 per cent.