The Consumer Association of Iceland (Neytendasamtökin) has said today that it is unacceptable that importers and retailers have taken advantage of the strengthening króna to increase the prices of their products. The organisation says that it should be a matter of course to pass on the benefits of a stronger króna onto consumers, rather than using it as an opportunity to increase their profit margins.

The organisation states it is obvious that the price of imported products has not fluctuated as a direct result of variances in the exchange rate of the króna. In recent months, the króna has been strengthening against other European currencies, and consumers have felt the pinch as the majority of products imported to Iceland come from other European countries.

The has euro depreciated 15.5% against the króna since 12th September last year, alongside the Danish krona (which is pegged to the euro). Other European currencies also saw a depreciation against the króna, although not as great.

Source: mbl.is
Image: rvk.is

Labels: Economy