Consumer price index, 15 April 2008

The consumer price index (CPI) was 121.9 (1998=100) per April 2008 compared with 118.2 at the same time last year. This is equivalent to a year-to-year growth of 3.1 per cent, down 0.1 per cent points from last month. The CPI-ATE increased by 2.4 per cent from April 2007 to April 2008, up 0.3 per cent points from March.

Continued fall in electricity prices

The CPI fell by 0.1 per cent from March to April. A fall in electricity prices, including the cost of transport, of 6.7 per cent was the strongest contributor to the fall in the CPI. From March to April, prices of spot contracts for delivery to households increased strongly, but this was more than offset by a decrease in prices of standard variable contracts. Lower prices of airline fares also contributed to the fall in the CPI. Prices of airline fares fell following a sharp increase in March, most likely due to the Easter holiday.

Prices of food and non-alcoholic beverages rose by 0.9 per cent. Coffee prices increased in particular, and there was also a seasonal increase in prices of certain fresh fruits and vegetables. Other factors that contributed to dampen the fall in the CPI were prices of clothing and shoes, which rose by 1.9 per cent, and maintenance and repair of dwellings, which increased by 1.5 per cent. The prices of books rose after sales activities in March.

Increase in food prices last twelve months

The CPI increased by 3.1 per cent from April 2007 to April 2008. The electricity prices, including the cost of transport, were the main contributor to the growth. Despite a fall in electricity prices in March, the increase from April 2007 was 14.6 per cent. Another factor that contributed to the growth in the CPI was the prices of food, which have increased by 4.5 per cent over the last twelve months. In particular, prices of oils and fats, dairy products and bread and cereals increased.

Other consumer groups that contributed to the growth were operation of personal transport equipment, which increased by 7.1 per cent. Fuels and lubricants of personal equipment, which is a part of this group, rose by 7.9 per cent. Prices of maintenance and repair of dwellings and recreational and cultural services rose by 6.3 and 5.4 per cent respectively.

Components that contributed to dampen the year-to-year growth were audio-visual equipment and clothing, which fell by 8.1 and 4.1 per cent respectively.