Survey result: food price in Iceland appears stable

cabbageThe cost of food has stayed roughly the same in Iceland for the last ten months, according to a survey by Stod 2 television. Some products in the “general food basket” have become cheaper; but cod liver oil and cucumbers have increased the most.

The survey compared prices in the Bonus supermarket chain both now, in August 2009 and in January 2008. The basket of food has only increased by ISK 10 (USD 0.08) since last August – but this masks the fact that prices are still way up on the survey before that.

In January 2008, before the collapse of the krona, some products were over 70 percent cheaper than they are today and most were more than ten percent cheaper.

Today the price of minced beef was exactly the same as last August, whole milk has decreased in price by three percent, AB milk is also cheaper and cod liver oil is seven percent more expensive. Arial washing liquid is three percent cheaper – although the currency has strengthened by roughly 10 percent in that time.

The news is welcomed in Iceland, despite the fact that food is undeniably more expensive than before the banking collapse. However, for visitors spending foreign currency, food (and everything else) is probably still cheaper than before, due to the reduced value of the Icelandic krona.