Iceland Inflation Highest Since September 2009

(RTTNews) - Iceland's consumer price inflation accelerated further in July to reach its strongest level in nearly thirteen years, figures from Statistics Iceland showed on Friday.

The consumer price index grew 9.9 percent year-on-year in July, following an 8.8 percent rise in June.

Moreover, this was the strongest inflation rate since September 2009, when prices had grown 10.8 percent.

Excluding housing costs, inflation was 7.5 percent in July.

On a monthly basis, consumer prices rose 1.17 percent in July, following a 1.41 percent increase in the prior month.

Transport costs were 4.98 percent higher in July compared to last month, while clothing and footwear prices dropped 6.79 percent due to summer sales.