Icelands producer prices grew by 2.3% year-on-year in May 2024, accelerating from a 1% rise in the previous month.

It was the second consecutive month of producer inflation, as prices rebounded for metal industry (2% vs -4.4% in April), while costs rose faster for exported products (2.4% vs 0.3%).

Meanwhile, prices tumbled for marine products (-1.5% vs 0.4%), and inflation moderated for food production (3.1% vs 3.4%), other manufacturing industries (8.5% vs 9.3%), and products sold domestically (2.3% vs 2.6%).

On a monthly basis, producer prices rose 2.7% in May, up from 2% increase in the prior month.

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