22.07.201607:10:00UTC+00Iceland Inflation At 17-Month Low

Iceland's consumer price inflation slowed a 17-month low in July, Statistics Iceland reported Friday.

Inflation eased to 1.1 percent in July from 1.6 percent in June. This was the lowest rate since February 2015, when it was 0.8 percent.

On a monthly basis, consumer prices rose for the first time in six months. Prices slid 0.3 percent, reversing a 0.2 percent rise in June.

The CPI less housing cost decreased 0.55 percent from June and 0.6 percent from a year ago.

Another report from the statistical office showed that producer prices slid 0.1 percent from May, when it rose by 1 percent. Year-on-year, producer prices declined 9.3 percent versus May's 9.5 percent decrease.

In a separate communique, Statistics Iceland said wage cost climbed 1.5 percent month-on-month in June, faster than the 0.5 percent rise in May. The annual growth in wage cost slowed to 12.5 percent from 13.3 percent.