The annual inflation rate in Iceland slowed marginally to 6.6 percent in February 2024, the lowest in two years, from 6.7 percent in the previous month. Prices rose at a softer pace for food & non-alcoholic beverages (7.5 percent vs 8.9 percent in January), alcoholic beverages & tobacco (4.7 percent vs 5 percent), furnishings & household equipment (0.7 percent vs 3.7 percent), health (5.9 percent vs 7.1 percent), recreation & culture (6.1 percent vs 6.4 percent), and hotels, cafés & restaurants (8.5 percent vs 9.3 percent). Conversely, costs accelerated for clothing & footwear (7.2 percent vs 5.6 percent), housing & utilities (12 percent vs 10.8 percent), and transport (0.5 percent vs 0.1 percent). Also, prices fell less for communications (-9.3 percent vs -9.9 percent). On a monthly basis, consumer prices increased 1.3 percent, rebounding from a 0.2 percent drop in January. source: Statistics Iceland

Inflation Rate in Iceland decreased to 6.60 percent in February from 6.70 percent in January of 2024. Inflation Rate in Iceland averaged 5.10 percent from 1989 until 2024, 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 March of 2024.

Inflation Rate in Iceland decreased to 6.60 percent in February from 6.70 percent in January of 2024. Inflation Rate in Iceland is expected to be 6.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland Inflation Rate is projected to trend around 3.10 percent in 2025 and 2.80 percent in 2026, according to our econometric models.

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Iceland Inflation Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2024-01-30 09:00 AM
Inflation Rate YoY
Jan 6.7% 7.7% 7.4%
2024-02-28 09:00 AM
Inflation Rate YoY
Feb 6.6% 6.7% 6.4%
2024-03-26 09:00 AM
Inflation Rate YoY
Mar 6.6% 6.2%


Related Last Previous Unit Reference
Inflation Rate 6.60 6.70 percent Feb 2024
Consumer Price Index CPI 615.40 607.30 points Feb 2024
Core Inflation Rate 6.76 6.79 percent Feb 2024
Core Consumer Prices 342.90 338.10 points Feb 2024
GDP Deflator 133.77 122.68 points Dec 2022
Producer Prices 276.50 277.60 points Jan 2024
Food Inflation 7.50 8.90 percent Feb 2024
CPI Transportation 187.72 186.68 points Feb 2024
CPI Housing Utilities 671.80 663.10 points Feb 2024
Inflation Rate MoM 1.30 -0.20 percent Feb 2024
Producer Prices Change -5.90 -3.90 percent Jan 2024

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
6.60 6.70 25.20 -0.06 1989 - 2024 percent Monthly
1988M5=100, NSA

News Stream
Iceland Inflation Rate at 2-Year Low
The annual inflation rate in Iceland slowed marginally to 6.6 percent in February 2024, the lowest in two years, from 6.7 percent in the previous month. Prices rose at a softer pace for food & non-alcoholic beverages (7.5 percent vs 8.9 percent in January), alcoholic beverages & tobacco (4.7 percent vs 5 percent), furnishings & household equipment (0.7 percent vs 3.7 percent), health (5.9 percent vs 7.1 percent), recreation & culture (6.1 percent vs 6.4 percent), and hotels, cafés & restaurants (8.5 percent vs 9.3 percent). Conversely, costs accelerated for clothing & footwear (7.2 percent vs 5.6 percent), housing & utilities (12 percent vs 10.8 percent), and transport (0.5 percent vs 0.1 percent). Also, prices fell less for communications (-9.3 percent vs -9.9 percent). On a monthly basis, consumer prices increased 1.3 percent, rebounding from a 0.2 percent drop in January.
2024-02-28
Iceland Inflation Rate Edges Down in January
The annual inflation rate in Iceland slowed to 6.7 percent in January 2024, the lowest since February 2022, from 7.7 percent in the previous month. Prices rose at a softer pace for food & non-alcoholic beverages (8.9 percent vs 10.5 percent in December), alcoholic beverages & tobacco (5 percent vs 7.6 percent), clothing & footwear (5.6 percent vs 6.6 percent), housing & utilities (10.8 percent vs 10.9 percent), transportation (0.1 percent vs 3.1 percent), recreation & culture (6.4 percent vs 7.3 percent), educational services (4.9 percent vs 5.4 percent), hotels, cafés & restaurants (9.3 percent vs 10.6 percent), and miscellaneous goods & services (6.5 percent vs 7.2 percent). Also, prices fell more for communications (-9.9 percent vs -8 percent). Conversely, costs accelerated for furnishings & household equipment (3.7 percent vs 3.3 percent) and health (7.1 percent vs 7 percent). On a monthly basis, consumer prices decreased 0.2 percent, reversing from a 0.4 percent rise in December.
2024-01-30
Iceland Inflation Rate Eases in December
The annual inflation rate in Iceland slowed to 7.7 percent in December 2023 from 8 percent in the previous month. Prices rose at a softer pace mainly for food & non-alcoholic beverages (10.5 percent vs 11.1 percent in November), alcoholic beverages & tobacco (7.6 percent vs 8.1 percent), furnishing & household equipment (3.3 percent vs 6.1 percent), and transportation (3.1 percent vs 4.6 percent). Moreover, prices fell more for communications (-8 percent vs -7.9 percent). Meanwhile, costs accelerated for housing & utilities (10.9 percent vs 10.5 percent), clothing & footwear (6.6 percent vs 5.3 percent), recreation & culture (7.3 percent vs 7.1 percent), hotels, cafés and restaurants (10.6 percent vs 10 percent), health (7 percent vs 6.2 percent), and miscellaneous goods & services (7.2 percent vs 6.9 percent). On a monthly basis, consumer prices grew 0.4 percent, the same as in November.
2023-12-21