Financial News: Iceland Inflation Steady At 4.8% In December

Iceland Inflation Steady At 4.8% In December

12/19/2024 - 07:54:00 (RTTNews)

(RTTNews) - Consumer price inflation in Iceland was unchanged in December after easing in the previous four months amid a steep fall in education costs and lower prices in hotels and cafes, preliminary data from Statistics Iceland showed on Thursday.

The consumer price index rose 4.8% year-on-year, same as in November. The CPI excluding housing cost was 2.8 percent higher than a year ago.

The biggest decline among the CPI components was an 11.8 percent slump in education cost. Hotels, cafes and restaurants segment registered a modest decline of 0.6 percent in prices. Utility costs logged the largest increase of 10.5 percent.

The CPI rose 0.39 percent on a month-on-month basis and the CPI less housing cost increased 0.37 percent. The cost of owner-occupied housing rose by 0.5 percent and air fares were 0.14 percent higher from the previous month.

Average inflation for 2024 was 5.9% percent versus 8.8 percent in 2023 and 8.3 percent in 2022. Inflation less housing cost was 3.8 percent compared with 7.8 percent and 6.1 percent in the previous two years.

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