neysluverðlagssvísi

neysluverðlagssvísi is an Icelandic term that translates to consumer price index. It is a statistical measure that tracks the average change over time in the prices paid by consumers for a basket of goods and services. This basket is intended to represent typical household spending.

The Central Bank of Iceland and Statistics Iceland are primarily responsible for the calculation and publication of the neysluverðlagssvísi. The index is a crucial tool for monitoring inflation and understanding the purchasing power of money. It is used in various economic analyses and policy decisions.

The basket of goods and services included in the neysluverðlagssvísi is regularly updated to reflect changes in consumer spending patterns and the availability of new products. Prices are collected from a wide range of retailers across Iceland. The index is published monthly.

Changes in the neysluverðlagssvísi are often used as a basis for wage negotiations, rent adjustments, and for indexing various financial instruments such as pensions and savings accounts. A rising neysluverðlagssvísi indicates inflation, meaning that consumers need to spend more to purchase the same quantity of goods and services. Conversely, a falling index would suggest deflation.