Consumer prices 17% dearer than EU

Photo: Ómar Óskarsson

Consumer goods and services were on average 17% higher than in countries of the European Union (EU) in 2014, according to new figures from Eurostat, the EU’s statistical office.

Iceland is the ninth most expensive country of the 37 countries analysed in the Eurostat study (28 EU Member States, plus Albania, Bosnia-Herzegovina, FYR Macedonia, Iceland, Montenegro, Norway, Serbia, Switzerland and Turkey).

Where the average for the 28-country EU bloc is expressed as 100, the cost of goods and services in Iceland is 117. This score is beaten only by Switzerland (154), Norway (148), Denmark (138), Sweden (125), Finland (123), United Kingdom (122), Ireland (121) and Luxembourg (120).

The study looks specifically at six areas of expenditure: food and non-alcoholic beverages, alcoholic beverages and tobacco, clothing, consumer electronics, personal transport equipment, and restaurants and hotels.

Prices in Iceland are higher than the EU average in every single category.

Iceland tops table in two categories

Iceland is the most expensive European country in two categories: clothing and consumer electronics.

An item of clothing costing €100 in the EU (on average) in 2014 cost €139 in Iceland. An electronic item, such as a television, DVD player or camera, costing €100 in the EU (on average) in 2014 cost almost half as much again in Iceland – €148.

As regards alcoholic beverages and tobacco, Iceland’s relative price index is 172, second only to Norway’s whopping 239. Iceland is also the second-most expensive of the 37 countries analysed as regards personal transport equipment, such as cars and bicycles.

The data included in the study are based on price surveys covering more than 2,400 consumer goods and services across Europe.

The full Eurostat press release can be found here.

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