Iceland's inflation now over 17%

The annual rate of inflation in Iceland has risen to a record high of 17.1% as the country battles the worst financial crisis in its history. The Icelandic statistics agency said prices rose in November alone by 1.74% compared to the previous month. Food prices increased fastest, up 30.6% over the year, as the country's currency plummeted. The agency warned that inflation rate could rise beyond 20% in the future, threatening the economy.