Consumer price index, 15 February 2009

The consumer price index (CPI) was 125.0 (1998=100) as per February 2009 compared to 121.9 in the corresponding month in the previous year. This is equivalent to a year-to-year growth of 2.5 per cent in February, up 0.3 percentage points from January. The year-to year growth in the CPI-ATE was 3.0 per cent in February 2009 compared with 2.8 per cent in January 2009.

CPI increased by 0.8 per cent from January to February

Food prices went up by 2.9 per cent due to Agricultural Settlement in 2008. In particular, prices of dairy and meet products lead to increased food prices. A rise in prices of fish, bread and several sugar added products was also registered.

Clothing and furniture, furnishing carpets and other floor coverings showed a seasonal price increase after sales in January, rising by 5.0 and 5.3 per cent respectively. In spite of the price increase of clothing in February, clothing prices have not returned to the November level. Other components that showed a remarkable increase were flight prices, jewellery, clocks and watches.

Electricity including grid was the main contributor to dampening the increase, with a decrease of 4.2 per cent in prices. Among others that had falling prices were books and auto diesel.

Rising imputed rentals and food prices the last twelve months

The CPI rose by 2.5 per cent from February 2008 to February 2009. Imputed rentals and actual rentals rose by 4.0 and 4.9 per cent respectively. Prices of food went up by 5.4 per cent. A price increase in telephone equipment and alcoholic beverages and tobacco was also registered.

Prices of several services pulled up the year-to-year growth in the CPI. Services related to recreation and culture increased by 7.3 per cent, while transport and restaurant services went up by 6.3 and 4.8 per cent respectively.

Prices of fuel and lubricants, clothing, audiovisual equipment and telephone services were the most important factors to dampening the increase in the last twelve-month growth.

Clothing prices pulled up the year-to-year growth

The year-to-year growth rose from 2.2 per cent in January to 2.5 per cent in February 2009. Prices of clothing were the largest contributors to pull up the twelve-month growth. Clothing prices rose by 1.6 per cent from January to February last year, while increasing 5.0 per cent in the same period in 2009. Two other important contributors were prices of electricity including grid and food prices. Prices of electricity had a smaller drop this year compared to the same period last year, while prices of food had a somewhat higher price development this year compared to the equivalent period last year.

The change in the year-to-year growth of the CPI-ATE was 0.2 percentage points, from 2.8 per cent in January 2009 to 3.0 per cent in February 2009.