Iceland Most Expensive Country in the World
Iceland is by far the most expensive country in the world, according to a recent study by the World Bank on pricing and quality of life (based on data from 2005), comparing economic systems in 146 countries around the globe.
The price of 1,000 products and services was compiled in each country and then compared between countries. The US, which ranked number 20, was used as a standard price index for comparison with 100 points, 24 Stundir reports.
Iceland had 154 points, with 54 percent higher prices than the US. Iceland was considerably higher than the next country below, Denmark, which had 142 points. The Nordic countries were all in the top ten.
Minister of Commerce Björgvin G. Sigurdsson said the World Bank’s study coincides with a number of similar studies. “The lack of competition and environment of oligopoly in this country is the primary cause of high pricing.”
My problem with the above quote is that I could not find the World Bank report mentioned in this story even though I was helped in my search by an international economist. I would have liked to know how the World Bank itself interprets the results. I assume that the quote is from the Minister of Commerce.
If so, Minister of Commerce Björgvin G. Sigurdsson uttered the unspeakable, that the high prices in Iceland are caused by the Klíka.
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