According to a study conducted by analysts at Viska, prices in Iceland were 66 percent higher than the average in European countries. Thus, the country left Switzerland behind in this regard.
The authors of the study noted that over the past 30 years, the average price difference between Iceland and European countries was 42 percent, while now this figure has nearly doubled.
In particular, the prices of food and meat products are significantly higher compared to neighboring Northern European countries. Specifically, food products are reportedly 44 percent more expensive on average, and meat products are 71 percent more expensive. Cars are also sold at approximately 40 percent higher prices than in neighboring countries.
According to experts, such high prices are caused by high import duties and low competition in the market. Additionally, inflation in the country is growing twice as fast as in the countries of the European Economic Area.
Analysts have warned that if inflation is not brought under control, the country may face a decline in purchasing power, devaluation of the national currency, and worsening export indicators.
For reference, Uzbekistan is also listed among the countries where the cheapest bread is sold.
