Business leader expects Iceland’s inflation to peak

Rising fuel prices are keeping Iceland’s inflation high despite signs that price pressures are easing, mbl.is reported. Inflation was 5.9% in October, unchanged from the previous month, according to figures published by Statistics Iceland.

Bjarni Benediktsson, managing director of the Confederation of Icelandic Enterprise, told Morgunblaðið he expects inflation to be near its peak. He said he hoped it would begin to fall in the period ahead, adding that much was at stake because interest rates had remained high for a long time.

Benediktsson also expressed concern about developments abroad.