the cost of living in Iceland has exceeded the costs in Switzerland, making the country the most expensive country in the world again, the Icelandic trade union Viska announced, citing data from Eurostat and the Central Bank of Iceland.
The economist of the mentioned union Vihjalmur Himarson said that the prices in Iceland are now three percent higher than in Switzerland. The last time this was the case was in 2018.
This data is another reason why the financial affordability of life in Iceland is problematic.
High wages, an economy based on strong tourism, expensive real estate and dependence on imports have contributed to this country being the most expensive to live in the world.
The union’s assessment is based on an international price comparison. Namely, they compared how much the same products and services cost in different countries. Through this comparison, they determined that the total costs are higher than in Switzerland, writes the NordiskPost portal.
