Iceland Producer Inflation at 2022-High

Iceland’s producer prices surged by 19.4% year-on-year in June 2026 from a three-year high of 16.8% in the previous month. The latest reading marked the highest level since June 2022, driven by a sharper increase in prices for marine products, which rose 21.9% from 19.6%, and metal products, which accelerated to 45.3% from 38.1% in May. Moreover, inflation in other manufacturing industries increased to 4.1% from 2.5%. Exported products excluding marine products recorded a notable increase of 32.0% from 25.8%, while overall export product inflation also accelerated to 27.9% from 23.2%. On the other hand, producer inflation eased for other components, including food products, which slowed to 3.9% from 5.5%, and products sold domestically, which moderated to 2.3% from 3.6% a month earlier. On a monthly basis, producer prices rose 1.6% in June, easing from a 2.0% increase in the previous month.

Iceland's producer prices surged by 16.8% year-on-year in May 2026, marking the highest level since July 2022, up from 12% in the previous month. Metal products increased the most, surging 38.1% compared to 16.9% in April. Exported products excluding marine products saw a strong increase to 25.8% from 13.6%, while exported product inflation also accelerated, rising 23.2% from 15.8%. In contrast, price increases for products sold domestically eased to 3.6% from 3.9%. Meanwhile, producer inflation eased for other components, including marine products (19.6% vs 19.9%) and food production (5.5% vs 6.1%). On a monthly basis, producer prices rose 2% in May, following a 2.3% rise in the previous month.

Iceland’s producer prices jumped 12% year-on-year in April 2026 from a thirteen-month high of 8.6% in the previous month. The latest figure marked the highest reading since September 2022, mainly due to higher costs for metal products (16.9% vs 6.1% in March), exported products (15.8% vs 10.4%), and exported products excluding marine products (13.6% vs 4.6%). On the other hand, price growth moderated in marine products (19.9% vs 21.1%), food production (6.1% vs 7.4%), and products sold domestically (3.9% vs 4.7%). On a monthly basis, producer prices advanced by 2.3% in April, following a 1.9% gain in the preceding period, marking the highest level since November 2025.