Inflation Iceland 2002
Average inflation: 5.3%
Current Inflation
Inflation is very high at 5.3%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 9.5%. The lowest inflation was in December at 2.0%.
- Highest month
- January: 9.5%
- Lowest month
- December: 2.0%
- Difference
- 7.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 4.4%. The lowest price increase was in Food and non-alcoholic beverages with an average of 4.4%.
- Highest increase
- Food and non-alcoholic beverages: 4.4%
- Lowest increase
- Food and non-alcoholic beverages: 4.4%
Historical Context
Current inflation is 1.0% higher than the 5-year average of 4.3%.
- 5-year average
- 4.3%
- 10-year average
- 3.3%
- All-time high (1989)
- 20.7%
- All-time low (1994)
- 1.6%
Trend
Inflation has remained relatively stable. Compared to 2001, the difference is minimal (-1.1 percentage point).
- Change vs. previous year
- -1.1 percentage points
- Largest monthly swing
- December: -6.6 percentage points
ECB Target
Inflation is 3.3% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €105.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2002
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2001 |
|---|---|---|
| January | 9.5% | +5.9 |
| February | 9.0% | +5.0 |
| March | 8.8% | +5.0 |
| April | 7.5% | +3.1 |
| May | 6.0% | +0.4 |
| June | 4.8% | -2.0 |
| July | 4.1% | -3.0 |
| August | 3.2% | -4.8 |
| September | 3.0% | -5.5 |
| October | 3.0% | -5.0 |
| November | 2.4% | -5.7 |
| December | 2.0% | -6.6 |
| Average | 5.3% |
Data source
Data from OECD. Last updated: 17/12/2025.