Consumer price index, 15 July 2011

The Consumer price index (CPI) was 130.2 (1998=100) as per July 2011, compared with 128.1 in July 2010. This was equivalent to a year-to-year growth of 1.6 per cent in July 2011, up 0.3 percentage points from the previous month. The year-to year growth in the CPI-ATE was 1.2 per cent in July 2011, up 0.5 percentage points from June.

Price decreases in clothing and electricity

The CPI fell by 0.2 per cent from June to July 2011. An important factor to the decrease was a fall of 6.3 per cent in the prices on clothing after seasonal sales last month. A larger price fall was measured for clothes for women than for men, children and youths. Another important factor to the fall in the CPI was lower prices on electricity including grid rent by 6.6 per cent. This can be seen in relation to higher water inflow to the reservoirs in Norway combined with lower demand for electricity in this period. See price index of first-hand domestic sales for more information .

Price falls was also measured for the consumption groups transport- and restaurant services with 2.7 and 7.3 per cent respectively.

Food prices went up in total by 2.0 per cent from June to July. Rise in prices was measured in most food groups. The increase in prices on some consumption goods can be seen in relation to the upward revision of target prices from this year’s Agricultural Settlement implemented 1 July. Prices on non-alcoholic beverages went up by 3.8 per cent.

CPI up 1.6 per cent the last twelve months

The CPI rose by 1.6 per cent from July 2010 to July 2011. The consumption groups that contributed most to the rise were prices on fuel and lubricants together with imputed rentals for owner-occupiers and alcoholic beverages and tobacco. With increases of 11.2 and 6.8 per cent respectively the groups of fuel and lubricants together with alcoholic beverages and tobacco also showed a strong growth in prices.

Consumption groups showing strong increase in prices the last twelve months was non-alcoholic beverages with a rise of 11.2 per cent and prices on other personal goods with a rise of 8.8 per cent. Prices on insurance and restaurant services went up by 4.2 and 3.5 per cent respectively.

In the opposite direction, the prices of clothing and footwear together with audiovisual equipment fell by 4.5 and 7.4 per cent respectively from July 2010 to July 2011

Increase in the year-to-year growth

The year-to-year growth in the CPI went up by 0.3 percentage points from June to July. The main causes were the development of prices on food and non-alcoholic beverages which increased more from June to July this year than in the corresponding period last year. Prices in this consumption group rose by 2.3 per cent from June to July this year while the rise was 0.8 per cent for the same period in 2010.

Also airline fares contributed to the rise in the year-to-year growth due to a weaker decline in the airline fares measured from June to July this year than what was measured in the same period last year. The weak decline last month compared to the same period last year must be seen in connection to a weaker increase in prices shown in June this year compared to June 2010.

The year-to-year growth in the CPI-ATE was 1.2 per cent in July 2011, up 0.5 percentage points from June.

Tables

Published tables