Iceland­ic Eco­nom­ic Weekly: 4 July 2022

4 July 2022 - Landsbankinn

The inflation rate, measuring 8.8% in June, has doubled in a year to reach its highest level since October 2009, when it was 9.7%.

Last week’s highlights

The week ahead

  • On Wednesday, the CBI releases the minutes of the last meeting of the Monetary Policy Committee.
  • On Thursday, the CBI publishes the real effective exchange rate based on prices in June.
  • On Friday, the Directorate of Labour releases unemployment numbers.

Markets and Economic Overview

Icelandic Economic Weekly: 4 July 2022 (PDF)

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The European Central Bank (ECB) lowered its policy rate last week. Stronger labour market figures from the US than generally expected increase the likelihood that the Federal Reserve will postpone initiation of rate cuts.
3 June 2024
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Domestic product contracted by 4% in the first quarter of the year and inflation measured 6.2% in May, slightly higher than predicted.
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13 May 2024
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Household deposits have grown considerably alongside rising interest rates. This has resulted in greatly increased interest income for households, in fact in excess of interest expenses.
6 May 2024
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A majority of the market now consider the monetary policy stance too tight. This opinion has become much more pervasive than in April, in response to steadily growing restraint alongside receding inflation and unchanged interest rates.
Fólk að ganga við Helgafell
29 April 2024
Weekly bulletin 29 April 2024
Economic growth will be limited in coming years according to our newly published macroeconomic forecast up to and including 2026. We forecast 0.9% growth this year, 2.2% next year and 2.6% in 2026. We expect inflation to recede down to 5.5% by the fourth quarter of this year. A rate-cutting cycle will begin in October, so our forecast, and we expect the economy to pick up speed alongside falling interest rates.
Fólk að ganga við Helgafell
29 April 2024
Economic forecast for 2024-2026: Growth despite high interest rates
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22 April 2024
Weekly bulletin 22 April 2024
Nominal housing prices have risen by 5.2% in the past 12 months, according to a new housing price index, and the real price of residential housing is slightly higher than the same time last year.
15 April 2024
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Inflation will recede somewhat in April, from 6.8% to 6.1%, only to remain fairly stable in the coming months and stand at 5.9% in July, according to our newest inflation forecast. Despite the dent interest rate increases have made in demand, the economy is still going fairly strong and there is tension in the labour market. Inflation expectations remain well above target.
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8 April 2024
Weekly bulletin 8 April 2024
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