Consumer price index, March 2015

The CPI was 138.8 (1998=100) in March 2015, compared to 136.1 in March 2014, which corresponds to a year-to-year growth of 2.0 per cent.

Monthly change: increased prices on clothing and decreased prices on food

The CPI rose 0.3 per cent from February to March. As in previous years, the prices on clothing and footwear increased in the period. The price increase this year was 4.7 per cent. The prices of clothing increased by 5.1 per cent, while footwear prices rose by 3.0 per cent. Much of this increase must be viewed in connection with new spring and summer items arriving on the market, as well as the end of the winter sale.

Prices of furniture and furnishings increased by 5.7 per cent from February to March; the increase was mainly due to the rise in furniture prices. In the same period, the price of fuels and lubricants for personal transport equipment rose by 2.7 per cent, due to an increase in fuel prices. For the second time since July 2014, the fuel prices showed an increase compared to the previous month. Prices increased by 3.0 per cent for petrol and 2.7 per cent for diesel.

The price of food dampened the increase in the CPI with a decrease of 1.6 per cent from February to March. Almost all sub-groups showed a decrease in prices, the main exception being fresh fruit. The increase in the CPI is also slowed by electricity prices including grid rent, which showed a 3.8 per cent decrease from February to March.

Year-to-year growth: increased rent and furniture prices

The CPI rose 2.0 per cent from March 2014 to March 2015. In the period, imputed rentals of owner-occupiers increased by 2.3 per cent, while actual rentals paid by tenants increased by 2.9 per cent. Prices on goods and services connected to recreation and culture have increased by 3.6 per cent in the past twelve months. The price of newspapers and periodicals is especially contributing to the growth, with a 10.9 per cent increase. Books also contributed with a price increase of 9.6 per cent in the period. Furniture and furnishings showed a price increase of 9.9 per cent from March 2014 to March 2015.

The prices of clothes decreased 3.3 per cent from the preceding twelve months, slowing the growth. In the same period, the price of fuels and lubricants for personal transport equipment decreased 5.0 per cent.

Change in the year-to-year growth: fuel prices and furniture speeds up growth

The year-to-year growth in the CPI increased from 1.9 per cent in February to 2.0 per cent in March. A contributor to the increase was the price development of fuel. From February 2014 to March 2014, prices of fuel decreased by one per cent, while increasing by about three per cent during the same period this year. The price of household textiles also increased by 6.2 per cent from February to March this year, compared to a 5.4 per cent decrease during the same period last year.

On the other hand, food prices have pulled the growth down, with a 1.6 per cent price decrease from February to March this year versus a 0.7 per cent price increase during the same period last year. The year-to-year growth in the CPI-ATE was 2.3 per cent in March, 0.1 percentage point down from February.