Iceland: energy inflation rate by commodity 2024

Beginning in 2021, Iceland has seen the inflation rates of energy prices increase significantly. In August 2022, energy price inflation stood at 23.6 percent, indicating a 23.6 percent increase in energy costs compared to the same month of the previous year. Since the start of 2022, inflation has been driven further by Russia's invasion of Ukraine, which has caused uncertainty over Europe's security of gas supply.

Harmonized index of consumer prices (HICP) energy inflation rate in Iceland from January 2019 to May 2024, by commodity

Characteristic	Energy	Electricity
May '24	4.7%	-
Apr '24	3.5%	-
Mar '24	1.8%	-
Feb '24	1.5%	9.3%
Jan '24	0.6%	7.2%
Dec '23	0.7%	6.9%
Nov '23	0%	6.9%
Oct '23	0.7%	4.3%
Sep '23	1.3%	6.8%
Aug '23	-1.5%	7.9%
Jul '23	-5.2%	4.8%
Jun '23	-3.6%	4.8%
May '23	3.4%	4.9%
Apr '23	6.9%	5.5%
Mar '23	9.1%	5.7%
Feb '23	15.8%	6.4%
Jan '23	19.2%	8%
Dec'22	18.9%	9.2%
Nov'22	19.9%	9.2%
Oct'22	20.3%	9.7%
Sep'22	21.3%	7.1%
Aug '22	23.6%	6%
Jul '22	28%	7.1%
Jun '22	29.3%	7.1%
May '22	20.5%	7.2%
Apr '22	17.7%	6.1%
Mar '22	16.4%	6.1%
Feb '22	12.3%	5.8%
Jan '22	10.9%	6%
Dec '21	11.8%	1.8%
Nov '21	13%	1.8%
Oct '21	11.7%	2.1%
Sep '21	9.2%	2.1%
Aug '21	8.5%	2.1%
Jul '21	8.5%	2.1%
Jun '21	7.5%	2.1%
May '21	7.9%	2.1%
Apr '21	6.2%	2.4%
Mar '21	4%	1.9%
Feb '21	0.6%	2.1%
Jan '21	-1.6%	2%
Dec '20	-2.4%	2%
Nov '20	-3.1%	2%
Oct '20	-2.8%	1.3%
Sep '20	-2.5%	1.4%
Aug '20	-2.9%	1.4%
Jul '20	-4.2%	1.4%
Jun '20	-5.9%	0.5%
May '20	-6.9%	0.5%
Apr '20	-3.7%	0.6%
Mar '20	0.1%	0.9%
Feb '20	2.4%	1.1%
Jan '20	3.7%	1.2%
Dec '19	2.4%	0.5%
Nov '19	0.9%	0.5%
Oct '19	0.3%	0.5%
Sep '19	0.5%	0.5%
Aug '19	2%	0.5%
Jul '19	2.9%	0.5%
Jun '19	3.6%	1.6%
May '19	5.7%	1.6%
Apr '19	5.3%	1.6%
Mar '19	4.7%	1.7%
Feb '19	3.5%	0.9%
Jan '19	3.4%	1%

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Release date

June 2024

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Region

Iceland

Survey time period

January 2019 to May 2024

Supplementary notes

According to the source, the Harmonized Indices of Consumer Prices (HICP) measure changes in the prices of consumer goods and services over time. These indices provide comparable measures of inflation.

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