Excess butter and milk from MS Iceland Dairies was sold to foreign buyers at only a fraction of the prices found in Icelandic stores.
Inflation figures for June reflect the impact of the opening of Costco warehouse club on the retail industry in Iceland, according to Arion Bank’s research division.
A buttered roll with ham and cheese being sold for ISK 1,190 [USD 11, EUR 10] is an anomaly, according to Helga Árnadóttir, director of the Icelandic Travel Industry Association.
A special ISK 100 million (UDS 874,000, EUR 840,000) marketing effort is planned to bring 800-1,000 tons of Icelandic lamb to market abroad.
A competition appeal committee has ruled to revoke the decision of the Icelandic Competition Authority to fine MS Iceland Dairies for violating anti-trust law.