Iceland has been named the most expensive country in the world in terms of cost of living. According to new data, overall prices in the country are 84 percent higher than the European average. Thus, Iceland has surpassed Switzerland, which has long been considered one of the most expensive countries.
In particular, food prices are significantly higher for residents and tourists. It is noted that meat products are 71 percent more expensive than the European average. Also, cars are sold at prices approximately 40 percent higher.
Experts emphasize that such high costs cannot be explained solely by high salaries. The tax burden, dependence on imports, logistics costs, and relatively weak market competition in the country are also contributing to rising prices.
At the same time, prices in Iceland are rising faster than in many European countries, making living there even more expensive. In short, while Iceland is very attractive for its nature, scenery, and quality of life, both living and traveling there come at a high cost.
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