Iceland Inflation Slows To 4.0% In July

(RTTNews) - Consumer price inflation in Iceland eased in July following an acceleration in the previous month, preliminary data from Statistics Iceland showed on Thursday.

The consumer price index rose 4.0 percent year-on-year following a 4.2 percent increase in June. Inflation was 3.8 percent in May.

Among the main CPI components, utility costs logged the biggest annual increase, up 7.1 percent. Prices of food and non-alcoholic beverages rose 5.0 percent. The biggest decline was seen in education cost, down 12.3 percent from a year ago.

The CPI rose 0.32 percent month-on-month in July following a 0.84 percent gain in June. As summer sales are ongoing and prices of clothing and footwear decreased by 4.8 percent and those of furniture, furnishings, etc decreased by 2.2 percent, the agency said.

The CPI less housing cost rose 3.0 percent year-on-year and was 0.32 percent higher from the previous month.