Consumer price index, 15 May 2009

The consumer price index (CPI) was 125.7 (1998=100) as per May 2009 compared with 122.0 in the corresponding month the previous year. This is equivalent to a year-to-year growth of 3.0 per cent in May, up from 2.9 per cent in April. The year-to-year growth in the CPI adjusted for tax changes and excluding energy products (CPI-ATE) was 2.9 per cent in May 2009, up from 2.7 per cent in April.

Price growth of fuels from April to May

The CPI increased by 0.2 per cent from April to May 2009. Prices of fuels and lubricants contributed the most to the CPI growth with an increase of 3.0 per cent. Imputed rentals for housing and the prices of food went up by 0.4 and 0.5 per cent respectively and contributed in pulling the CPI up.

The most important factor to dampen the growth in the CPI was electricity including grid rent with a price fall of 1.7 per cent from April to May. The prices have fallen seven months in a row, which constitutes a total price fall of 20.2 per cent from October 2008. Airline fares went down by 5.2 per cent from April to May and contributed to dampen the increase in the CPI.

Housing, electricity and other fuels behind the year-to-year growth

From May 2008 to May 2009 the CPI increased by 3.0 per cent. The price development within the group housing, electricity and other fuels was the most important cause behind the rise in the CPI. Electricity prices including grid rent rose by 16.6 per cent and imputed rentals for housing went up by 3.8 per cent the last twelve months. The prices of food and non-alcoholic beverages contributed to the CPI growth as well with a price increase of 4.2 per cent.

The prices of transport services increased by 6.8 per cent the last twelve months, while the prices of restaurant services and services connected to recreation and culture went up by 4.6 per cent. The prices of equipment for recreation and garden contributed to the CPI growth as well.

A price fall of 8.5 per cent for fuels and lubricants was among the most important factors in dampening the CPI growth the last twelve months. Another considerable contribution in the same direction was a 4.9 per cent decrease in clothing prices. The prices of telephone services and audiovisual equipment went down as well.

The year-to-year growth up 0.1 percentage point from April to May

The year-to-year growth in the CPI went up from 2.9 per cent in April to 3.0 per cent in May. Electricity prices were the most important factor behind this development, with a smaller price decrease from April to May this year compared to the corresponding period previous year. The prices of maintenance and repair of the dwelling and imputed rentals for housing contributed to the increase in the year-to-year growth in the CPI as well.

The year-to-year growth in the CPI-ATE increased from 2.7 per cent in April to 2.9 per cent in May.