Inflation rates in Iceland
The inflation rate for consumer prices in Iceland moved over the past 61 years between 1.6% and 84.0%. For 2021, an inflation rate of 4.4% was calculated.During the observation period from 1960 to 2021, the average inflation rate was 15.4% per year. Overall, the price increase was 340,215.23%. An item that cost 100 krones in 1960 costs 340,315.23 krones at the beginning of 2022.
For February 2023, the year-over-year inflation rate was 10.2%.
This includes energy (+14.6%) and food (+12.1%).
› Inflation rates in global comparison
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Performance over the last 61 years compared with the USA
In only a few countries the price increase is that high. The Consumer Price Index (CPI) of 84.0% in 1983 means, that compared to the previous year all prices increased by an average of 84.0%. In comparison to most other countries, the drastic price increases are no longer average. Usually this is a sign of political and economic turmoil.Performance based on 100% in 1959:
Inflation calculator for Iceland
Enter any amount, an initial year and an end year here. You will then be provided with the original amount after inflation. Example: 1,000 krones in 1960 corresponds to 3,403,152.27 krones at the beginning of 2022 due to inflation.Inflation rates for consumer goods in Iceland
Energy and food
Historical inflation rates in comparison
| Year | Iceland | Ø EU | Ø USA | Ø World |
|---|---|---|---|---|
| 2021 | 4.44 % | 2.55 % | 4.70 % | 3.50 % |
| 2020 | 2.85 % | 0.50 % | 1.23 % | 1.92 % |
| 2019 | 3.01 % | 1.63 % | 1.81 % | 2.19 % |
| 2018 | 2.68 % | 1.74 % | 2.44 % | 2.44 % |
| 2017 | 1.76 % | 1.43 % | 2.13 % | 2.19 % |
| 2016 | 1.70 % | 0.18 % | 1.26 % | 1.55 % |
| 2015 | 1.63 % | -0.06 % | 0.12 % | 1.43 % |
| 2014 | 2.04 % | 0.20 % | 1.62 % | 2.35 % |
| 2013 | 3.87 % | 1.22 % | 1.46 % | 2.62 % |
| 2012 | 5.19 % | 2.66 % | 2.07 % | 3.73 % |
| 2011 | 4.00 % | 3.29 % | 3.16 % | 4.82 % |
| 2010 | 5.40 % | 1.53 % | 1.64 % | 3.35 % |
| 2009 | 12.00 % | 0.84 % | -0.36 % | 2.94 % |
| 2008 | 12.69 % | 4.16 % | 3.84 % | 8.95 % |
| 2007 | 5.05 % | 2.51 % | 2.85 % | 4.82 % |
| 2006 | 6.69 % | 2.67 % | 3.23 % | 4.28 % |
| 2005 | 3.99 % | 2.49 % | 3.39 % | 4.11 % |
| 2004 | 3.16 % | 2.29 % | 2.68 % | 3.38 % |
| 2003 | 2.06 % | 2.09 % | 2.27 % | 3.03 % |
| 2002 | 5.20 % | 2.42 % | 1.59 % | 2.83 % |
| 2001 | 6.41 % | 3.37 % | 2.83 % | 3.84 % |
| 2000 | 5.14 % | 3.15 % | 3.38 % | 3.49 % |
| 1999 | 3.23 % | 2.16 % | 2.19 % | 3.08 % |
| 1998 | 1.66 % | 2.42 % | 1.55 % | 5.11 % |
| 1997 | 1.82 % | 3.11 % | 2.34 % | 5.57 % |
| 1996 | 2.26 % | 3.56 % | 2.93 % | 6.55 % |
| 1995 | 1.65 % | 4.43 % | 2.81 % | 9.15 % |
| 1994 | 1.55 % | 4.72 % | 2.61 % | 10.32 % |
| 1993 | 4.04 % | 4.85 % | 2.95 % | 7.51 % |
| 1992 | 3.95 % | 6.22 % | 3.03 % | 7.71 % |
| 1991 | 6.81 % | 5.48 % | 4.23 % | 9.00 % |
| 1990 | 15.51 % | 6.15 % | 5.40 % | 8.13 % |
| 1989 | 20.76 % | 6.26 % | 4.83 % | 7.00 % |
| 1988 | 25.73 % | 4.54 % | 4.08 % | 7.15 % |
| 1987 | 18.30 % | 4.02 % | 3.66 % | 5.76 % |
| 1986 | 22.13 % | 3.68 % | 1.90 % | 5.82 % |
| 1985 | 31.99 % | 5.40 % | 3.55 % | 6.86 % |
| 1984 | 30.85 % | 7.67 % | 4.30 % | 8.12 % |
| 1983 | 83.95 % | 8.67 % | 3.21 % | 8.77 % |
| 1982 | 50.24 % | 9.58 % | 6.13 % | 10.24 % |
| 1981 | 51.79 % | 11.77 % | 10.33 % | 12.47 % |
| 1980 | 58.53 % | 12.91 % | 13.55 % | 13.98 % |
| 1979 | 44.44 % | 8.22 % | 11.25 % | n/a |
| 1978 | 43.75 % | 7.76 % | 7.63 % | n/a |
| 1977 | 30.32 % | 9.77 % | 6.50 % | n/a |
| 1976 | 32.04 % | 9.35 % | 5.74 % | n/a |
| 1975 | 49.36 % | 10.47 % | 9.14 % | n/a |
| 1974 | 42.52 % | 13.16 % | 11.05 % | n/a |
| 1973 | 21.35 % | 7.75 % | 6.18 % | n/a |
| 1972 | 9.81 % | 6.01 % | 3.27 % | n/a |
| 1971 | 6.73 % | 5.24 % | 4.29 % | n/a |
| 1970 | 13.37 % | 4.51 % | 5.84 % | n/a |
| 1969 | 21.76 % | 2.67 % | 5.46 % | n/a |
| 1968 | 15.23 % | 3.24 % | 4.27 % | n/a |
| 1967 | 3.32 % | 3.32 % | 2.77 % | n/a |
| 1966 | 10.69 % | 3.70 % | 3.02 % | n/a |
| 1965 | 7.32 % | 3.99 % | 1.59 % | n/a |
| 1964 | 19.25 % | 3.42 % | 1.28 % | n/a |
| 1963 | 12.93 % | 2.92 % | 1.24 % | n/a |
| 1962 | 11.02 % | 3.55 % | 1.20 % | n/a |
| 1961 | 4.71 % | 2.08 % | 1.07 % | n/a |
| 1960 | 1.99 % | 1.74 % | 1.46 % | n/a |
Data basis: International Monetary Fund, World Bank and OECD Inflation CPI indicator (doi:10.1787/eee82e6e-en)
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