Cost of food in Iceland increased 4.20 percent in May of 2026 over the same month in the previous year. Food Inflation in Iceland averaged 4.18 percent from 1993 until 2026, reaching an all time high of 31.18 percent in December of 2008 and a record low of -6.45 percent in November of 1994. source: Statistics Iceland
Food Inflation in Iceland is expected to be 5.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland Food Inflation is projected to trend around 3.00 percent in 2027 and 2.50 percent in 2028, according to our econometric models.