Inflation Iceland 1994
Average inflation: 1.6%
Inflation in 1994
Inflation is low at 1.6%, below the ECB target of 2%.
Peak and Trough
The highest inflation was in January at 3.2%. The lowest inflation was in October at 0.0%.
- Highest month
- January: 3.2%
- Lowest month
- October: 0.0%
- Difference
- 3.2 percentage points
- Months with data
- 12 of 12
Historical Context
Inflation is 4.9 percentage points lower than the 5-year average of 6.5%. This approaches the lowest level since records began (1.6% in 1994).
- 5-year average
- 6.5%
- 10-year average
- 8.8%
- All-time high (1989)
- 20.7%
- All-time low (1994)
- 1.6%
Trend
Over the period 1992-1994, inflation shows a downward trend. Compared to 1993, inflation has fallen by 2.5 percentage points.
- Change vs. previous year
- -2.5 percentage points
- Largest monthly swing
- November: -5.9 percentage points
ECB Target
Inflation is 0.4 percentage points below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
At this inflation rate, purchasing power gradually decreases. The impact on daily expenses is relatively limited.
What you could buy for ISK 100 this year will cost approximately ISK 102 next year at this inflation rate.
Multi-year trend
Monthly figures 1994
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 1993 |
|---|---|---|
| January | 3.2% | +0.8 |
| February | 2.6% | -0.4 |
| March | 2.6% | -0.4 |
| April | 2.4% | -0.9 |
| May | 2.1% | -1.5 |
| June | 2.4% | -0.7 |
| July | 1.6% | -2.3 |
| August | 0.7% | -4.1 |
| September | 0.7% | -4.5 |
| October | 0.0% | -5.8 |
| November | 0.0% | -5.9 |
| December | 0.5% | -4.2 |
| Average | 1.6% |
Data source
Data from OECD. Last updated: 17/12/2025.