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Iceland overtakes Switzerland to become the most expensive country in the world
2026-05-30 23:31:17 / EKONOMI&SOCIALE
Iceland has taken first place on the list of the most expensive countries in the world, surpassing Switzerland, according to the latest calculations published by a local trade union using data from Eurostat and the Central Bank of Iceland.
According to analysis, the price level in Iceland is now higher than in Switzerland by about three percentage points, which puts this island country back at the top of the global cost of living rankings.
According to Swiss media, the last time Iceland was more expensive than Switzerland was in 2018.
Economists say the price increase was due to a combination of a strong economic recovery after the pandemic and the rapid growth of the tourism industry, which is one of the main pillars of the Icelandic economy. Increased demand for services, accommodation and work has further increased the overall price level.
Particular pressure comes from the real estate market, where short-term rentals for tourists, including platforms such as Airbnb, affect the availability of apartments for the local population and contribute to the increase in the cost of living in larger cities.
Data shows that food prices in Iceland are among the highest in Europe, significantly above other Nordic countries. Dairy products, eggs and meat are up to 70 percent more expensive, while everyday necessities are significantly more expensive than in most European countries.
The price hike is also reflected in the tourism sector, where rising costs are starting to affect visitor numbers. Some analysts warn that long-term dependence on tourism could further increase inflationary pressures and slow the development of other economic sectors.
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