Inflation Rate (CPI): Iceland
Iceland's inflation rate (cpi) is currently 3.1% as of 2026. # Iceland Inflation Rate (CPI) Iceland's inflation rate stands at 3.
Current (2026)
3.1%
-26.2% y/y
Peak (1983)
84.3%
Low (1994)
1.6%
Source
IMF World Economic Outlook
1980–2026 · 51 pts
Inflation Rate (CPI) — Iceland
1980 — 2026
Inflation Rate (CPI) — Iceland
Analysis# Iceland Inflation Rate (CPI)
Iceland's inflation rate stands at 3.1% in 2026, reflecting a dramatic stabilization from decades of volatility. The country experienced an extraordinary peak of 84.3% in 1983, making its current level a 94.7% decline since 1980. At its lowest point in 1994, inflation dropped to 1.6%, demonstrating Iceland's capacity to achieve price stability despite its small, volatile economy.
The period from 2017 to 2020 showed relative calm, with inflation hovering between 1.8% and 3%. A sharp spike followed in 2022–2023, when rates climbed to 8.7%, likely driven by post-pandemic pressures and currency fluctuations. Since that peak, inflation has declined consistently—falling from 8.7% to 3.1% over three years. This downward trajectory suggests monetary policy tightening is gaining traction, positioning Iceland's inflation closer to sustainable levels.
Historical Data
51 Rows| Year | Value | Change % |
|---|---|---|
| 2030 | 2.5% | +0.00% |
| 2029 | 2.5% | +0.00% |
| 2028 | 2.5% | +0.00% |
| 2027 | 2.5% | -19.35% |
| 2026 | 3.1% | -26.19% |
| 2025 | 4.2% | -28.81% |
| 2024 | 5.9% | -32.18% |
| 2023 | 8.7% | +4.82% |
| 2022 | 8.3% | +84.44% |
| 2021 | 4.5% | +60.71% |
| 2020 | 2.8% | -6.67% |
| 2019 | 3.0% | +11.11% |
| 2018 | 2.7% | +50.00% |
| 2017 | 1.8% | +5.88% |
| 2016 | 1.7% | +6.25% |
| 2015 | 1.6% | -20.00% |
| 2014 | 2.0% | -48.72% |
| 2013 | 3.9% | -25.00% |
| 2012 | 5.2% | +30.00% |
| 2011 | 4.0% | -25.93% |
Show all 51 rows
| Year | Value | Change % |
|---|---|---|
| 2010 | 5.4% | -55.00% |
| 2009 | 12.0% | -5.51% |
| 2008 | 12.7% | +149.02% |
| 2007 | 5.1% | -23.88% |
| 2006 | 6.7% | +67.50% |
| 2005 | 4.0% | +25.00% |
| 2004 | 3.2% | +52.38% |
| 2003 | 2.1% | -59.62% |
| 2002 | 5.2% | -18.75% |
| 2001 | 6.4% | +25.49% |
| 2000 | 5.1% | +59.37% |
| 1999 | 3.2% | +88.24% |
| 1998 | 1.7% | -5.56% |
| 1997 | 1.8% | -21.74% |
| 1996 | 2.3% | +35.29% |
| 1995 | 1.7% | +6.25% |
| 1994 | 1.6% | -60.98% |
| 1993 | 4.1% | +2.50% |
| 1992 | 4.0% | -41.18% |
| 1991 | 6.8% | -56.13% |
| 1990 | 15.5% | +6.90% |
| 1989 | 14.5% | -43.14% |
| 1988 | 25.5% | +35.64% |
| 1987 | 18.8% | -11.74% |
| 1986 | 21.3% | -34.26% |
| 1985 | 32.4% | +10.96% |
| 1984 | 29.2% | -65.36% |
| 1983 | 84.3% | +65.29% |
| 1982 | 51.0% | +0.20% |
| 1981 | 50.9% | -12.99% |
| 1980 | 58.5% | — |
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