Weekly bulletin 24 June 2024
The housing price index was up by 1.4% in May and the rental price index by 3.2%, according to figures published last week. While the Bank of England maintained an unchanged policy rate, the Swiss National Bank lowered its rate by 0.25 percentage points. Of most interest domestically this week is without doubt the CPI, to be published by Statistics Iceland on Thursday.
24 June 2024
The week ahead
- Today, Statistics Iceland releases the wage index for May.
- On Thursday, Statistics Iceland publishes the June CPI. We expect the CPI to increase by 0.47% between months and inflation to decrease from 6.2% to 5.8%.
- Ölgerðin publishes financial statements for the period 1 March - 31 May 2024.
- On Friday, the Central Bank of Iceland (CBI) publishes its quarterly Hagvísar. Hagar publishes financial statements for the period 1 March - 31 May 2024.
Image of the week
In 2023, the food basket cost around 36% more in Iceland than on average in the European Union. This is in keeping with a 34% higher GDP per capita in 2023 in Iceland than in the EU. Statistics Iceland published data on the subject last week. Switzerland has the most expensive food basket while Turkey’s is the cheapest.
Highlights of the previous week
- The housing price index fell by 1.4% between months in May. This brought the 12-month increase up from 6.4% to 8.4%. This is the fourth increase in a row, with the index rising by 0.8% in March and April and 1.9% in February. The month-over-month price increase was highest for single-family dwellings in the capital area.
- The rental price index was up by 3.2% between months in May. The index shows changes to rental prices base on new agreements concluded in April and May. Statistics Iceland has adopted a new method of measuring imputed housing rent that is based on the same data but also all other relevant rental agreements that are valid for each month, not just new agreements.
- HMS published its monthly report.
- The Committee on Labour Market Statistics published its spring report.
- Inflation in the UK decreased from 2.3% to 2.0%, the Bank of England maintained unchanged policy rates while the Swiss National Bank lowered its rates by 0.25 percentage points.
- Municipality Credit Iceland and Íslandsbanki auctioned bonds.
Statistics and market data
Disclaimer
This review and/or summary is marketing material intended for information purposes and not for business purposes. This marketing material does not contain investment advice or independent investment analysis. The legal provisions that apply to financial advice and financial analysis do not apply to this content, including the ban on transactions prior to publication.Information about the prices of domestic shares, bonds and/or indices is source from Nasdaq Iceland - the Stock Exchange. Landsbankinn’s website contains further information under each individual equity, bond class or index. Information about the prices of non-domestic financial instruments, indices and/or funds are sourced from parties Landsbankinn considers reliable. Past returns are not an indication of future returns.
Information about the past returns of Landsbréf funds is based on information from Landsbréf. Detailed information about the historic performance of individual funds is available on Landsbankinn’s website, including on returns for the past 5 years. Information about the past performance of funds show nominal returns, unless otherwise stated. If results are based on foreign currencies, returns may increase or decrease as a result of currency fluctuations. Past returns are not necessarily an indication of future returns.
Securities transactions involve risk and readers are encouraged to familiarise themselves with the Risk Description for Trading in Financial Instruments and Landsbankinn’s Conflict of Interest Policy, available on Landsbankinn’s website.
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