Inflation Iceland 2003
Average inflation: 2.1%
Current Inflation
Inflation is normal at 2.1%, around the ECB target.
Peak and Trough
The highest inflation was in December at 2.8%. The lowest inflation was in January at 1.4%.
- Highest month
- December: 2.8%
- Lowest month
- January: 1.4%
- Difference
- 1.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Education with an average of 8.6%. The lowest price increase was in Food and non-alcoholic beverages with an average of -2.6%.
- Highest increase
- Education: 8.6%
- Lowest increase
- Food and non-alcoholic beverages: -2.6%
Historical Context
Current inflation is 2.3% lower than the 5-year average of 4.4%.
- 5-year average
- 4.4%
- 10-year average
- 3.1%
- All-time high (1989)
- 20.7%
- All-time low (1994)
- 1.6%
Trend
Inflation shows a downward trend. Compared to 2002, inflation has fallen by +3.2 percentage point.
- Change vs. previous year
- -3.2 percentage points
- Largest monthly swing
- January: -8.1 percentage points
ECB Target
Inflation is close to the ECB target of 2.0%.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €102.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2003
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2002 |
|---|---|---|
| January | 1.4% | -8.1 |
| February | 1.5% | -7.5 |
| March | 2.2% | -6.6 |
| April | 2.3% | -5.2 |
| May | 2.2% | -3.8 |
| June | 1.7% | -3.1 |
| July | 1.6% | -2.5 |
| August | 2.0% | -1.2 |
| September | 2.2% | -0.8 |
| October | 2.1% | -0.9 |
| November | 2.6% | +0.2 |
| December | 2.8% | +0.8 |
| Average | 2.1% |
Data source
Data from OECD. Last updated: 13/01/2026.