Iceland Inflation Eases To 3.7%, Lowest In Nearly 5 Years

(RTTNews) - Consumer price inflation in Iceland moderated in November to the lowest level in almost five years, preliminary data from Statistics Iceland showed on Thursday.

The consumer price index rose 3.7 percent year-on-year in November, slower than the 4.3 percent rise in October. The CPI excluding housing costs was 2.7 percent higher than a year ago.

Further, this was the lowest inflation rate since December 2020, when prices had risen 3.6 percent.

Housing and utility costs alone grew 6.5 percent annually in November, and those of food and non-alcoholic beverages rose 6.0 percent. Meanwhile, clothing and footwear prices dropped 2.3 percent.

On a monthly basis, consumer prices dropped 0.5 percent, reversing a 0.5 percent increase in October. Moreover, this was the first decrease in ten months.