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Inflation rate highest since 2001

Inflation is at its highest rate since 2001, according to a front page report in Morgunbladid. With the exception of 2001, prices have not risen as quickly since the 1980s. Over the past three months, inflation has measured 15.9 percent, whereas in the past twelve months it has measured 7.6 percent.

According to Central Bank Director Davíd Oddsson, these figures are a result of many factors, including rising oil prices. “This is not something that comes as a surprise. It was clear after the drop in the exchange rate that inflation would rise sharply,” says Oddsson. Parties from within the economic sector have voiced grave concerns about this development, including the Confederation of Icelandic Employers and the Icelandic Federation of Labor.

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