I. Summary
The Consumer Price Index has increased by 7.9% over the past twelve months, according to measurements and an estimate by Veritabus. The uncertainty in the measurement is 0.3%, which is due to inaccuracies in the measurement of its underlying components. The increase is driven by rises in rent and imputed rent, food and fuel. The month-on-month increase in food is mainly due to a 5% rise in dairy products at the producer level in early April¹. .
II. Sub-indexes
Veritabus forecasts the following changes in the sub-components of the index for the month-on-month and 12-month-on-year periods:
The weighted average increase in the index is, according to Veritabus, 7.9 per cent, with an uncertainty of 0.3 per cent, as previously stated. Food prices have risen in line with the consumer price index, mainly due to a significant increase in domestic agricultural products. Housing and fuel have increased much more than most other items, partly due to the strong position of the Icelandic króna. Despite this, various consumer goods, such as alcohol, clothes and shoes, furniture and household equipment, restaurants and more, have increased considerably recently.
MS raised dairy products and cheeses by 5% on 4 April. Milk, cheese and butter make up almost 20% of the food basket. In addition, dairy products are an important raw material in various food products. In addition, there are tariffs on various dairy-related substitute products.
III. About Veritabus
Veritabus is a sister company of the Arev securities firm. All Veritabus price surveys, as well as other public price surveys, can be found on the Veritabus website for subscribers.
Veritabus uses its own price surveys and official data to assess inflation.