Last inflation 12 months is 7.9%

I. Summary

The consumer price index has risen by 7.9% over the past twelve months according to measurements and evaluation of Veritabus. The measurement uncertainty is 0.3 percent, which is due to inaccuracies in the measurement of sub-items. The increase is driven by increases in rents and calculated rents, food and fuel. The increase in food prices between months is mainly due to a 5% increase in dairy products at the producer at the beginning of April1.

II. Indices of the index

Veritabus forecasts the following changes in the indices of the index between months and the last 12 months:

According to Veritabus, the weighted average increase in the index is 7.9 per cent and the uncertainty is 0.3 per cent, as previously stated. Food prices have risen similarly to the consumer price index, partly due to a sharp rise in domestic agricultural products. Housing and fuel prices have risen 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 appliances, restaurants and more have risen considerably in recent years.

MS raised dairy products and cheeses by 5% on 4 April. Milk, cheeses and butter are almost 20% of the food basket. In addition, dairy products are an important ingredient in various foods. In addition, there are tariffs on various substitute products related to dairy products.

III. About Veritabus

Veritabus is a sister company of Arev Securities Company. 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.

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