From Iceland — 8.8% Inflation Hits Iceland

8.8% Inflation Hits Iceland

Published June 29, 2022

Photo by
Art Bicnick

Inflation has been rising in Iceland over the last twelve months. According to Statistics Iceland’s consumer price index it now measures at 8.8%. Inflation has not been as high in Iceland since the autumn of 2009, Vísir reports.

Summer Sale on T-Shirts in the Grapevine shop! We only have a chance to wear a T-shirt outdoors for about 2 months of the year here in Iceland. To celebrate, we will offer a 20% discount on all our T-shirts! All shapes and sizes with all kinds of Iceland-themed motifs. Take a look!

The consumer price index (CPI) based on prices in June 2022 is 547.1 points (May 1988 = 100). Since last month, it has increased by 1.41%. Prices of food and beverages rose by 0.8%, the cost of living in own housing (calculated rent) rose by 2.9 % and prices of petrol and oil rose about 10.4%.

It can be seen on the Central Bank’s website that similar rates of inflation were last measured in November 2009, 8.6%. In October of the same year, it measured at 9.7%.

As it stands now, business leaders, labour unions and the Central Bank are currently at odds over how to tackle inflation–more on that controversial subject, in detail, here.

Support The Reykjavík Grapevine!
Buy subscriptions, t-shirts and more from our shop right here!

Show Me More!