Consumer price index, 15 February 2013

The Consumer Price Index (CPI) was 133.0 (1998=100) as per February 2013, compared with 131.7 in February 2012. This was equivalent to a year-to-year growth of 1.0 per cent in February, down 0.3 percentage points from January. The year-to year growth in the CPI adjusted for tax changes and excluding energy products (CPI-ATE) was 1.1 per cent in February 2013, down 0.1 percentage points from January.

Monthly change – higher furniture prices

From January to February 2013, the CPI rose by 0.7 per cent. The prices of furniture, carpets and reparations of such contributed most to the rise in the CPI, with an increase of 10.6 per cent. The higher prices were mainly due to increased prices after the seasonal sales activity in January. Transport services showed a combined price increase of 5.0 per cent from January to February 2013, and airline fares increased the most.

Food prices rose by 0.8 per cent from January to February 2013. Most food groups showed an increase, but it was particularly dairy products, chocolate and other sweets together with some fresh fruit that contributed the most. The increase in food prices on certain items can be explained by a combination of price adjustments that normally occur in February, together with price growth after the January sales activity. Other contributors to the monthly growth were imputed rentals for house owners, which increased by 0.4 per cent, and prices of fuels and lubricants, with a 1.5 per cent rise.

As a result of the annual Mammut sales, book prices showed a decrease of 22.4 per cent in February, thus pulling the CPI in the opposite direction.

Year-to-year growth – higher living and travelling costs

The CPI rose by 1.0 per cent from February 2012 to February 2013. The main contributor to the year-to-year growth was imputed rentals for house owners, which increased by 2.2 per cent. All of the sub-groups in transport services showed price growth, and it was particularly higher airline fares of 18.3 per cent that contributed the most to this consumption group. Alcoholic beverages and tobacco showed a combined price increase of 4.3 per cent from February 2012 to February 2013. Prices of restaurant services rose by 3.9 per cent and actual rentals for housing increased by 2.8 per cent. Higher prices were also measured for maintenance and repair of personal transportation, which rose by 3.9 per cent in the same period.

The year-to-year growth was dampened by price reductions on food and clothing, which fell 1.2 and 2.8 per cent respectively from February 2012 to February 2013. In the same period, book prices fell 17.6 per cent. The price reduction on books during this period must be seen in connection with the timing of the annual Mammut sales in 2012 and 2013. This year, the Mammut sales started in mid-February, while last year they started at the end of February.

Change in the year-to-year growth – decreased price growth

The year-to-year growth in the CPI fell 0.3 percentage points, from 1.3 per cent in January 2013 to 1.0 per cent in February 2013. Prices of electricity including grid rent were the main cause of the decrease in the year-to-year growth. From January to February, prices of electricity including grid rent fell 0.3 per cent, while increasing in the same period the year before. The development of food prices also contributed to the decrease of the year-to-year growth. The prices of food showed a weaker growth from January to February this year than in the same period last year.

The year-to year growth in the CPI adjusted for tax changes and excluding energy products (CPI-ATE) was 1.1 per cent in February, down 0.1 percentage point from January.