A recent international price comparison conducted by Eurostat, the Statistical Office of the European Union, has shed light on significant differences in consumer prices among European countries in 2022. Finland, while ranking seventh highest in terms of the total price level of commodities purchased by households, emerged as one of the most affordable countries among the Nordic nations, along with Sweden. Meanwhile, Iceland stood out as the most expensive country, surpassing the EU average by a substantial 59 percent.
The comparison encompassed a total of 36 countries, with Switzerland ranking as the most expensive and Turkey being the most affordable. Finland’s price level exceeded the EU average by 26 percent, positioning it as the seventh most expensive country in the survey. Norway followed closely behind at 143, while Denmark stood at 144 and Ireland at 146. Iceland, with an index of 159, led the pack as the costliest country in Europe.
In terms of specific categories, household appliances and entertainment electronics in Finland were priced on par with the European average in 2022, indicating a relatively balanced market. However, the cost of alcohol in Finland was notably higher, with prices reaching 2.6 times those found in Hungary, highlighting a significant price disparity within the European region.
Interestingly, the Baltic countries, including Estonia, Latvia, and Lithuania, showcased a narrowing price gap with Finland in the food sector. Prices in these countries were only marginally lower than those in Finland, indicating a trend of converging food prices in the region.
Statistics Finland compiled the price data for Finland as part of the Eurostat-coordinated price comparison program. The findings provide valuable insights into consumer price levels, enabling individuals, businesses, and policymakers to assess and compare costs across European countries.
It is worth noting that this price comparison exercise serves as a snapshot of consumer prices in 2022 and may not reflect the current market conditions. Factors such as exchange rates, inflation, and economic developments can influence price levels, making it essential to regularly monitor and evaluate these trends.
For a visual representation of household final consumption expenditure in Europe in 2022, including the average price levels of EU member states, refer to the accompanying bar chart.
As consumers navigate the diverse pricing landscape across Europe, understanding these variations can help make informed decisions and better comprehend the cost of living in different countries. By analyzing and monitoring price data, policymakers and market participants can work towards creating fair and competitive markets that benefit consumers.
https://www.stat.fi/en/publication/cl8k7cuxue52j0cw1otr6w1t6