8.8% Inflation Hits Iceland

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.

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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.