Iceland inflation slowes down
REYKJAVIK (AFP) - Iceland's inflation rate eased to 11.3 percent in July from 12.2 percent in June, official figures showed Wednesday.
| Related news: • Iceland to relaunch rescued banks • Icelandic central bank holds key rate • Nordics ink €1.78 billion loan to Iceland |
Month-on-month consumer prices, however, inched up 0.2 percent from June, owing primarily to a rise fuel costs, Statistics Iceland said in a statement.
In June, Iceland cut its key interest rate from 13 percent to 12 percent in an effort to get the stricken economy back on track after the country's banking system collapsed at the height of the global financial crisis.
In October last year, the government had to take control of the country's three leading banks.
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