Inflation, consumer prices in Iceland
Iceland: Inflation, consumer prices was 5.86 in 2024. ◆ Volatile
Latest (2024)
5.86
Change on year
down 33.0%
World rank
15th
of 70 countries
All-time high
83.95
in 1983
All-time low
1.55
in 1994
Years of data
65
1960–2024
Inflation, consumer prices in Iceland, 1960–2024
Source: UNICEF.
Analysis
In 2024, inflation, consumer prices in Iceland stood at 5.86.
Compared with earlier readings it is down 33.0% on the previous year and up 186.5% over ten years.
Over the whole period, inflation, consumer prices in Iceland peaked at 83.95 in 1983 and was at its lowest, 1.55, in 1994.
That places Iceland 15th out of 70 countries with data for 2024, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Inflation, consumer prices in Iceland, year by year
| Year | Value | Change |
|---|---|---|
| 1960 | 1.99 | — |
| 1961 | 4.71 | +137.0% |
| 1962 | 11.02 | +133.8% |
| 1963 | 12.93 | +17.4% |
| 1964 | 19.25 | +48.9% |
| 1965 | 7.32 | -62.0% |
| 1966 | 10.69 | +46.1% |
| 1967 | 3.32 | -68.9% |
| 1968 | 15.23 | +358.8% |
| 1969 | 21.76 | +42.9% |
| 1970 | 13.37 | -38.6% |
| 1971 | 6.73 | -49.7% |
| 1972 | 9.81 | +45.7% |
| 1973 | 21.35 | +117.7% |
| 1974 | 42.52 | +99.1% |
| 1975 | 49.36 | +16.1% |
| 1976 | 32.04 | -35.1% |
| 1977 | 30.32 | -5.4% |
| 1978 | 43.75 | +44.3% |
| 1979 | 44.44 | +1.6% |
| 1980 | 58.53 | +31.7% |
| 1981 | 51.79 | -11.5% |
| 1982 | 50.24 | -3.0% |
| 1983 | 83.95 | +67.1% |
| 1984 | 30.85 | -63.2% |
| 1985 | 31.99 | +3.7% |
| 1986 | 22.13 | -30.8% |
| 1987 | 18.3 | -17.3% |
| 1988 | 25.73 | +40.6% |
| 1989 | 20.76 | -19.3% |
| 1990 | 15.51 | -25.3% |
| 1991 | 6.81 | -56.1% |
| 1992 | 3.95 | -42.0% |
| 1993 | 4.04 | +2.4% |
| 1994 | 1.55 | -61.6% |
| 1995 | 1.65 | +6.3% |
| 1996 | 2.26 | +36.9% |
| 1997 | 1.82 | -19.7% |
| 1998 | 1.66 | -8.6% |
| 1999 | 3.23 | +94.8% |
| 2000 | 5.14 | +58.9% |
| 2001 | 6.41 | +24.7% |
| 2002 | 5.2 | -18.9% |
| 2003 | 2.06 | -60.4% |
| 2004 | 3.16 | +53.6% |
| 2005 | 3.99 | +26.2% |
| 2006 | 6.69 | +67.7% |
| 2007 | 5.05 | -24.5% |
| 2008 | 12.69 | +151.3% |
| 2009 | 12 | -5.4% |
| 2010 | 5.4 | -55.0% |
| 2011 | 4 | -25.9% |
| 2012 | 5.19 | +29.6% |
| 2013 | 3.87 | -25.3% |
| 2014 | 2.04 | -47.2% |
| 2015 | 1.63 | -20.1% |
| 2016 | 1.7 | +3.9% |
| 2017 | 1.76 | +3.7% |
| 2018 | 2.68 | +52.4% |
| 2019 | 3.01 | +12.3% |
| 2020 | 2.85 | -5.5% |
| 2021 | 4.44 | +56.1% |
| 2022 | 8.31 | +87.0% |
| 2023 | 8.74 | +5.1% |
| 2024 | 5.86 | -33.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 10.82 | 1.99 | 21.76 | 10 |
| 1970s | 29.37 | 6.73 | 49.36 | 10 |
| 1980s | 39.43 | 18.3 | 83.95 | 10 |
| 1990s | 4.25 | 1.55 | 15.51 | 10 |
| 2000s | 6.24 | 2.06 | 12.69 | 10 |
| 2010s | 3.13 | 1.63 | 5.4 | 10 |
| 2020s | 6.04 | 2.85 | 8.74 | 5 |
Countries ranked near Iceland
More economy & growth data for Iceland
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.96 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.48 Percent per annum (2029)
- Net primary income (Net income from abroad) (current LCU), annual 7.13 % change on previous year (2024)
- Taxes less subsidies on products (current US$), annual growth rate 5.83 % change on previous year (2025)
- Taxes less subsidies on products (current US$), per unit of GDP 0.1006 current US$ per US$ of GDP (2025)
- Taxes less subsidies on products (current US$), per capita 9,894 current US$ per person (2025)
- Taxes less subsidies on products (current LCU), annual growth rate -1.47 % change on previous year (2025)
- Taxes less subsidies on products (current LCU), per unit of GDP 12.93 current LCU per US$ of GDP (2025)
- Taxes less subsidies on products (current LCU), per capita 1.27 million current LCU per person (2025)
- Special drawing rights per domestic currency (End-of-period (EoP)) 0.0058 (2025)
Frequently asked questions
- What is inflation, consumer prices in Iceland?
- Inflation, consumer prices in Iceland was 5.86 in 2024, according to UNICEF.
- What is the highest inflation, consumer prices recorded in Iceland?
- The highest recorded value was 83.95 in 1983.
- What is the lowest inflation, consumer prices recorded in Iceland?
- The lowest recorded value was 1.55 in 1994.
- How does Iceland rank for inflation, consumer prices?
- Iceland ranks 15th out of 70 countries with data for 2024.
- Is inflation, consumer prices rising or falling in Iceland?
- Over the last ten years it is up 186.5%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from UNICEF, published as part of Inflation, consumer prices (annual %). Statizoid updates them automatically from the source API.
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