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Data indicate inflation continues to soar

29.06.2022 - 15:44
Mynd: RÚV - Þórdís Arnljótsdótti / RÚV
Inflation has hit 8.8 percent, according to the latest Hagstofa Íslands (Statistics Iceland) statistics released this morning. The inflation rate has doubled in a year to its highest level since October 2009, when it was 9.7 percent.

The Central Bank of Iceland target inflation rate is 2.5 percent.

Bergþóra Baldursdottir, an economist with Íslandsbanki, says house and fuel prices are the biggest factors driving inflation. “It is yet again house prices that are having this huge effect, and then also this imported inflation.”

Bergþóra says inflation in neighbouring countries means Iceland is importing inflation, which leads to higher food and fuel prices.

“For example, fuel prices went up around ten percent now between months, now in June. That means that according to Hagstofa measurements, fuel prices have gone up 26 percent since the start of the year,” Bergþóra explains.

The situation on the housing market is not good and will be tough to reign in this year, even though Bergþóra notes inflation affects people’s daily lives.

“When it comes to essential consumer products, food and so forth, they have increased in price enormously. And people really feel it. I think that most people who have been food shopping are noticing the big increases. This probably means that purchasing power of wages will deteriorate for most people with these inflation figures,” Bergþóra adds.

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