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Iceland Most Expensive in Five out of Twelve Categories

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Iceland Most Expensive in Five out of Twelve Categories

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Photo: Páll Stefánsson.

Iceland ranked as most expensive in five of the 12 goods and services categories studied in 37 European countries, according to new figures from Eurostat. Clothes, shoes, household appliances, electronics and transportation services were all more expensive than elsewhere.

The Norwegians come out most expensive in three categories: restaurants, food and drink, and alcohol.

The figures released this summer are based on data collected last year and have since been affected by the removal of excise on electronics on January 1. The finance minister also announced last month that customs duty on clothes and shoes will be removed at the end of this year and all duty, except for on imported food, will be stopped at the beginning of 2017.

Eurostat compiled its figures by comparing prices in the EU countries, the EFTA countries, EU candidate countries and Bosnia Herzegovina, which is considering applying. First prices were correlated, and then they were compared to the local population’s purchasing power.

In the five categories Iceland came out most expensive, prices were 39-53 percent above the European average—the lowest difference on clothes and the greatest on household appliances.

Iceland is below average price in only one of the 12 categories: electricity and fuel prices are 40 percent below average, with cheaper energy only available in eight countries, RÚV reported.

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