The annual inflation rate in Iceland picked up to 2.7 percent in May of 2020 from 2.2 percent in the previous month. It was the highest inflation rate since last November. Main upward pressure came from prices of food & non-alcoholic beverages (4.9 percent vs 3.9 percent in April); furnishings (6.8 percent vs 3.4 percent); alcoholic beverages & tobacco (4.6 percent vs 4.2 percent) and recreation & culture (4.4 percent vs 4.2 percent). Also, cost decreased less for transport (-0.6 percent vs -2.4 percent). Meanwhile, inflation slowed for housing & utilities (2.4 percent vs 3 percent). On a monthly basis, consumer prices were up 0.7 percent, after increasing 0.5 percent in the prior month.
Inflation Rate in Iceland averaged 4.93 percent from 1989 until 2020, reaching an all time high of 25.20 percent in December of 1989 and a record low of -0.06 percent in November of 1994. This page provides - Iceland Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020.
Inflation Rate in Iceland is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Iceland to stand at 2.10 in 12 months time. In the long-term, the Iceland Inflation Rate is projected to trend around 2.30 percent in 2021, according to our econometric models.