Inflation Iceland 2003
Average inflation: 2.1%
Inflation in 2003
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
Inflation is 2.3 percentage points 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
Over the period 2001-2003, inflation shows a downward trend. Compared to 2002, inflation has fallen by 3.2 percentage points.
- 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 ISK 100 this year will cost approximately ISK 102 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.