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Iceland's inflation rate increases.

NORDIC BUSINESS REPORT-16 January 2002-Iceland's inflation rate increases (C)1994-2002 M2 COMMUNICATIONS LTD http://www.m2.com

Iceland's consumer price index went up by 0.9% from the beginning of December 2001 to the beginning of January 2002, according to new figures released by Statistics Iceland.

The index is now at 221.5 points (May 1988=100), which is 9.4% more than in January 2001. Over the last three months the index has risen by 1.7%, equivalent to an annual inflation rate of 7.2%. Officials at the Icelandic National Economic Institute and the country's employers' association have expressed their disappointment over the high figures.

According to an agreement signed by the employers' association at the end of last year, government wage agreements can be annulled if the inflation exceeds 222.5 points in May, reports the Icelandic magazine Iceland Review.

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Publication:Nordic Business Report
Geographic Code:4EXIC
Date:Jan 16, 2002
Words:155
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