Iceland is by far the most expensive country in the world, according to a recent study by the World Bank on pricing and quality of life (based on data from 2005), comparing economic systems in 146 countries around the globe.
The price of 1,000 products and services was compiled in each country and then compared between countries. The US, which ranked number 20, was used as a standard price index for comparison with 100 points, 24 Stundir reports.
Iceland had 154 points, with 54 percent higher prices than the US. Iceland was considerably higher than the next country below, Denmark, which had 142 points. The Nordic countries were all in the top ten.
Minister of Commerce Björgvin G. Sigurdsson said the World Bank’s study coincides with a number of similar studies. “The lack of competition and environment of oligopoly in this country is the primary cause of high pricing.”