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Inflation exceeds expectations

Annualised inflation is now at 16.1 per cent according to new figures released by Statistics Iceland earlier today. The CPI (Consumer Price Index) rose 1.16 per cent from month to month, a slightly slower rate of increase than in May month but, according to the Icelandic National Broadcasting Service, RÚV, a greater increase than expected.

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According to Statistics Iceland, annualised inflation has clocked at double digit rates since March. The CPI has increased by 8 per cent over the last twelve months.

As of noon today, the Icelandic ´króna had decpreciated by a modest 0.04 per cent; the two main stock indexes, ICEX-15 and ICEX-Main, were down by 1.12 and 1.1 per cent respectively.

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