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(RTTNews) - Iceland's inflation maintained its slowing trend in December, official data revealed Wednesday.
The consumer price index rose 2.5% year-on-year, a tad slower than November's 2.5% increase. Inflation has been slowing since April.
Month-on-month, prices rose 0.33% in the final month of the year, following a 0.1% gain in November.
The CPI less housing cost edged up 0.43% from the previous month. The yearly increase in the index was 3.5%.
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Icelandic Inflation Continues To Ease
(RTTNews) - Iceland's inflation maintained its slowing trend in December, official data revealed Wednesday.
The consumer price index rose 2.5% year-on-year, a tad slower than November's 2.5% increase. Inflation has been slowing since April.
Month-on-month, prices rose 0.33% in the final month of the year, following a 0.1% gain in November.
The CPI less housing cost edged up 0.43% from the previous month. The yearly increase in the index was 3.5%.
On December 8, Iceland's central bank cut its key interest rate further in the back drop of subdued inflation and weak economic growth.
Policymakers at the Sedlabanki lowered its benchmark seven-day collateralised rate by a one percentage point to 4.5%. The central bank expects consumer prices to fall 0.9% this year and grew 1.4% in 2011.
The Icelandic economy emerged from a deep recession in the third quarter with the gross domestic product rising 1.2%, reversing the 0.3% decline in the second quarter. The growth ended seven consecutive quarters of contractions since the third quarter of 2008.
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