The annual inflation rate in Iceland jumped 9.9% in January of 2023, the highest since September 2009, from 9.6% in the prior month. Main upward pressures came from food & non-alcoholic beverages (10.8% vs 10.1% in December), notably citrus fruit & other fresh fruit (17.9% vs 7.5%) and milk, cheese & eggs (13.1% vs 8.8%); alcoholic beverages & tobacco (7.3% vs 3.8%); transport (13.6% vs 11.8%); recreation & culture (4.6% vs 3.8%); education (4% vs 3.1%); health (4.9% vs 4.2%) and hotels, cafés & restaurants (9.8% vs 8.6%). On the other hand, costs mainly eased for housing & utilities (14.1% vs 14.4%), clothing & footwear (1.1% vs 1.6%) and furnishing, household equipment etc. (4.8% vs 7.9%). On a monthly basis, consumer prices went up 0.9% in January, the highest in six months, after a 0.7% rise in December. source: Statistics Iceland

Inflation Rate in Iceland averaged 5.00 percent from 1989 until 2023, 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 January of 2023.

Inflation Rate in Iceland is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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Iceland Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-12-22 09:00 AM Dec 9.6% 9.3% 9.2%
2023-01-30 09:00 AM Jan 9.9% 9.6% 9.6%
2023-02-27 09:00 AM Feb 9.9%


Related Last Previous Unit Reference
Inflation Rate 9.90 9.60 percent Jan 2023
Consumer Price Index CPI 569.40 564.60 points Jan 2023
Core Inflation Rate 9.13 8.86 percent Jan 2023
Core Consumer Prices 316.60 314.40 points Jan 2023
GDP Deflator 121.25 114.60 points Dec 2021
Producer Prices 288.80 285.60 points Dec 2022
Inflation Rate MoM 0.90 0.70 percent Jan 2023
Food Inflation 10.80 10.10 percent Jan 2023
CPI Transportation 188.68 188.38 points Jan 2023
CPI Housing Utilities 598.50 591.20 points Jan 2023
Producer Prices Change 8.50 3.50 percent Dec 2022

Iceland Inflation Rate
In Iceland, the most important categories in the consumer price index are housing and utilities (29 percent of total weight); transport (15 percent); and food and non-alcoholic beverages (15 percent). The index also includes: recreation and culture (10 percent); miscellaneous goods and services (7 percent); and furnishings and household equipment (7 percent). Hotels, cafes and restaurants, health, clothing and footwear, alcoholic beverages and tobacco, communication and education account for the remaining 17 percent of total weight.
Actual Previous Highest Lowest Dates Unit Frequency
9.90 9.60 25.20 -0.06 1989 - 2023 percent Monthly
Jan 2008=100

News Stream
Iceland Inflation Rate Quickens to 9.9%
The annual inflation rate in Iceland jumped 9.9% in January of 2023, the highest since September 2009, from 9.6% in the prior month. Main upward pressures came from food & non-alcoholic beverages (10.8% vs 10.1% in December), notably citrus fruit & other fresh fruit (17.9% vs 7.5%) and milk, cheese & eggs (13.1% vs 8.8%); alcoholic beverages & tobacco (7.3% vs 3.8%); transport (13.6% vs 11.8%); recreation & culture (4.6% vs 3.8%); education (4% vs 3.1%); health (4.9% vs 4.2%) and hotels, cafés & restaurants (9.8% vs 8.6%). On the other hand, costs mainly eased for housing & utilities (14.1% vs 14.4%), clothing & footwear (1.1% vs 1.6%) and furnishing, household equipment etc. (4.8% vs 7.9%). On a monthly basis, consumer prices went up 0.9% in January, the highest in six months, after a 0.7% rise in December.
2023-01-30
Iceland Inflation Rate at 4-Month High
The annual inflation rate in Iceland picked up to 9.6 percent in December of 2022 from 9.3 percent in the prior month, reaching the highest in 4 months. Prices accelerated for furnishing and household equipment (7.9 percent vs 4.9 percent in November); transport (11.8 percent vs 10.7 percent); and alcoholic beverages and tobacco (3.7 percent vs 3.0 percent). Also, inflation was steady for food and non-alcoholic beverages (at 10.1 percent), health (at 4.2 percent) and education (at 3.1 percent). Meanwhile, costs mainly eased for clothing and footwear (1.6 percent vs 2.3 percent); and prices declined further for communication (-6.0 percent vs -4.8 percent). On a monthly basis, consumer prices rose 0.7 percent in December, following a 0.3 percent gain in November.
2022-12-22
Iceland November Inflation Rate Slightly Eases
The annual inflation rate in Iceland slightly eased to 9.3 percent in November of 2022 from 9.4 percent in the previous month. Prices rose at a slower pace for transportation (10.7 percent vs 12.1 percent in October), furnishings & household equipment (4.9 percent vs 6.4 percent) and clothing & footwear (2.3 percent vs 2.5 percent), while inflation was steady for housing & utilities ( at 14.7 percent). On the other hand, cost increased for food & non-alcoholic beverages (10.1 percent vs 9.6 percent) and hotels, cafes & restaurants (8.9 percent vs 8.3 percent). On a monthly basis, consumer prices went up 0.3 percent, following a 0.7 percent rise in the prior month.
2022-11-29