The price of vegetables, both domestically grown and imported, has increased by 64% over the past three years, according to an evaluation conducted by Statistics Iceland. According to data from the consumer price index, the price of alcohol and tobacco products has increased by 55% since May 2007. Petrol prices rose a staggering 76% over the same period.

Farm produce excluding vegetables has seen a comparatively low price hike of 27% over three years. Other domestic food and drink products increased in price by 46%, and imported by 75%. Imported fruit and veg has always been more expensive in Iceland in comparison with other European countries, and these price increases only widen the gap between Iceland and other nations on food prices.

Inflation over a twelve month period measured 7.5% in May 2010, but stood at just 4.7% in May 2007. This follows instability of the króna since the bank collapse in autumn 2008, which included currency restrictions which have yet to be lifted.

Source: mbl.is
Image: muffet

Labels: Economy, Food, Kreppa