The CPIF (Consumer Price Index with fixed interest rate) 12 month inflation rate was 3.6 percent in November 2021, up from 3.1 percent in October.
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This is the country's highest inflation since December 1993.
On a monthly basis, the inflation rate according to the CPIF rose by 0.5 percent between October and November.
The CPIF rose by 0.5 percent from October to November. In the corresponding period a year ago, the CPIF remained unchanged.
In November 2021, the monthly price change was mainly driven by rising electricity prices. Rising fuel prices also contributed to the monthly change, in which Ethanol E85 noted a particularly high price increase at about 18 percent.
Prices also rose for restaurant and hotel services, as well as clothing, which is normal for the season.
In the past two years, electricity prices have increased in November. However, the monthly price change in November 2021 was higher compared with recent years. The monthly change for fuel prices has varied in November over the past three years. However, since the downturn in prices in November 2020, fuel prices have increased for 12 consecutive months.
As in the past two years, prices for restaurant and hotel services increased in November. During the autumn, restrictions were lifted, which could be a factor that contributed to the price increase this year, unlike in the past two years.
The inflation rate according to the CPIF, that is, the change in the CPIF over the past 12 month period, was 3.6 percent in November 2021, up from 3.1 percent in October.
The rate of inflation was mainly affected by rising electricity and fuel prices. The contribution from these energy products was about 1.8 percentage points, which corresponds to almost half of the inflation rate in November 2021.
Prices also rose on package holidays, food and non alcoholic beverages, restaurant and hotel services as well as miscellaneous goods and services. An upward contribution to the inflation rate also came from user costs on housing.
These price increases were offset by falling prices on mobile telephones as well as on audio visual and photographic equipment.
The inflation rate according to the CPIF excluding energy was 1.9 percent in November, up from 1.8 percent in October. ■