Iceland: energy inflation rate by commodity 2024

Beginning in 2021, Iceland has seen the inflation rates of energy prices increase significantly. The inflation rate compared to the same month of the previous year peaked in July 2022 for energy prices. As of the end of 2024, the harmonized price index of consumer prices for electricity was increasing.

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

Characteristic	Energy	Electricity
Nov '24	0.6%	13.2%
Oct '24	0.8%	13.8%
Sep '24	1.6%	13.7%
Aug '24	4.1%	13.5%
Jul '24	4.5%	12%
Jun '24	4%	10.8%
May '24	4.7%	10.4%
Apr '24	3.5%	10%
Mar '24	1.8%	9.9%
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

December 2024

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Region

Iceland

Survey time period

January 2019 to November 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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