The price of groceries in Iceland has increased on average by about 25%
in the past 12 months, although some stores show a higher increase than
According the the Confederation of Icelandic Labor Unions (ASÍ), who conducted a survey purchasing the same items from many different stores, prices took the sharpest increase at Kaskó – up by 31% since May 2008. At Nettó, prices rose by 26%; at Bónus, by 25%; at 10-11, by 20%; at Samkaup, by 28%; at 11-11, by 23% and at Krónan by 20%.
At more high-end grocery stores, food price increases were not as high. Food prices only increased by 12% at Hagkaup and by 15% at Nóatún. Of course, the price of food at these stores is already more expensive than at those previously mentioned.
Many Icelandic foodstuffs are imported, namely in dry goods, as no fresh meat is allowed to be imported. A recent marketing campaign has been trying to make Icelandic consumers more conscious of buying locally produced food instead of imports in the hopes of helping improve the economy.