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Iceland's CPI down 0.71 pct between January, December

Xinhua, January 29, 2015 Adjust font size:

Iceland's Consumer Price Index (CPI) experienced a decrease of 0.71 percent as of the middle of January, according to statistics issued on Thursday by Statistics Iceland.

Based on the collected sample, the statistics showed the CPI in January was 419.3 points, decreasing 0.71 percent since the middle of last December.

Over the last three months, the CPI has decreased by 0.9 percent, equivalent to an annual deflation rate of 3.6 percent, less housing costs.

However, in the past year, the CPI has increased by 0.8 percent.

Influencing the CPI were tax changes which took effect on Jan. 1. General excise taxes and specific tax on sugar were abolished and upper level VAT rate decreased from 25.5 percent to 24 percent while the lower VAT rate increased from 7 percent to 11 percent.

Price statistics are based on price collection which takes place for at least one week in the middle of each month. The index is published around the second last day of the reference month. Enditem