Iceland: Still Pretty Expensive

Contrary to popular belief, Iceland is still a fairly expensive country compared to others in Europe, and is only cheaper than the European average in one category.

The news, while likely unsurprising to anyone living here, comes from the latest data from Eurostat. 37 countries in all were surveyed, where local prices were compared to local purchasing power to determine that country’s level of expensiveness.

In the 12 possible categories the data was classified under, Iceland was the most expensive in five categories: clothing, shoes, home appliances, electronics and moving services. Iceland is on average anywhere from 39% to 53% more expensive than other countries. In fact, the only product you will find for cheaper in Iceland than you will in any of the other countries surveyed: electricity and fuel, which is 40% cheaper than the average.

As reported, the Ministry of Finance is gearing up to do away with a wide swath of toll charges. Customs charges on clothing and shoes will be eliminated by January 1, 2016, with all other customs charges gone by January 1, 2017. The only remaining item that will face customs charges is food, but the Iceland Chamber of Commerce wants to see tolls on food lifted altogether.