Overview
Country Full Name: Republic of Iceland.
Location: Iceland is an island between the Greenland Sea and the North Atlantic Ocean, northwest of the United Kingdom.
Country Climate: Temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers.
Country Terrain: Mostly plateau interspersed with mountain peaks, ice fields; coast deeply indented by bays and fiords.
Major Languages: Icelandic.
Major Religions: Christianity.
Population: 0.202 Mil (2012 est.).
Country Economy: The economy of Iceland is a small mixed economy with high levels of free trade and government intervention and subject to high volatility.
Currency: Iceland Krona (ISK).
Inflation: 5.3% (2011 est.).
Reykjav?k is the capital and largest city of Iceland.
Reykjav?k is the only metropolitan area in Iceland. As a highly modernized capital of one of the most developed countries in the world, its inhabitants enjoy a first-class welfare system and city infrastructure.
Cost Of Living
The cost of living in Reykjavik in Iceland is very high compared to other places. The overall cost of living is determined using the prices for defined quantities of the same goods and services across 13 Basket Groups. Reykjavik in Iceland is currently ranked 99 overall out of 768 places (rank 1 is most expensive: rank 768 is least expensive). The cost of living rank for each of the 13 Basket Groups is as follows:
Alcohol & Tobacco costs are very high compared to other places for items such as alcohol at a bar, beer, locally produced spirit, whiskey, wine (where alcohol is legally sold) and tobacco related products. There are 63 places that are more expensive, and 704 places that are less expensive for alcohol and or tobacco.
Clothing costs are average compared to other places for items such as business suits, casual clothing, children's clothing, coats, evening wear, footwear, hats, shoe repairs and underwear. There are 420 places that are more expensive, and 347 places that are less expensive for clothing.
Communication costs are high compared to other places for various communication costs such as call charges, home telephone rental, internet connection, mobile data costs, mobile phone contract and service provider fees. There are 204 places that are more expensive, and 563 places that are less expensive for communication.
Education costs are low compared to other places for items such as creche / pre-school fees, primary school fees, high school fees and tertiary study fees. There are 504 places that are more expensive, and 263 places that are less expensive for education.
Furniture & Appliance costs are high compared to other places for items such as DVD player, fridge freezer, furniture, household equipment, iron, kettle, light bulbs, microwave, television, toaster, vacuum cleaner and washing machine. There are 257 places that are more expensive, and 510 places that are less expensive for furniture and appliances.
Grocery costs are high compared to other places for items such as baby consumables, baked goods, baking, canned foods, cheese, cleaning materials, cleaning products, dairy, fresh fruits, fresh vegetables, fruit juices, meat, oil & vinegars, pet food, pre-prepared meals, sauces, seafood, snacks, soft drinks, spices & herbs. There are 165 places that are more expensive, and 602 places that are less expensive for groceries.
Healthcare costs are average compared to other places for general healthcare, general practitioner consultation rates, healthcare/medical insurance, hospital private ward daily rate and non-prescription medicine. There are 353 places that are more expensive, and 414 places that are less expensive for healthcare.
Household Accommodation costs are high compared to other places for items such as accommodation, apartment, flat, house, villa, rent, electricity, household fuels, household gas, water, and local property rates / residential taxes / levies. There are 190 places that are more expensive, and 577 places that are less expensive for household accommodation.
Miscellaneous costs are very high compared to other places for items such as dry cleaning, general goods, general services, linen, magazines, maid, newspapers, office supplies, postage stamps and stationery. There are 45 places that are more expensive, and 722 places that are less expensive for miscellaneous items.
Personal Care costs are average compared to other places for items such as cosmetics, hair care, moisturizer, nappies, pain relief tablets, shampoo, soap, sun block, toilet paper and toothpaste. There are 343 places that are more expensive, and 424 places that are less expensive for personal care.
Recreation and Culture costs are very high compared to other places for items such as books, camera, cinema tickets, fitness/health club membership, sports goods and theatre tickets. There are 131 places that are more expensive, and 636 places that are less expensive for recreation and culture.
Restaurants, Meals Out and Hotel costs are very high compared to other places for items such as a business dinner, dinner at a family restaurant (non fast food), 4 star and 5 star hotel rates and take away meal (fast food). There are 86 places that are more expensive, and 681 places that are less expensive for restaurants, meals out and hotels.
Transport costs are very high compared to other places for items such as car hire purchase, car insurance, car lease, car maintenance, car rental, car service, diesel, petrol, tyres and public transport. There are 38 places that are more expensive, and 729 places that are less expensive for transport.
Personalized cost of living indexes for Reykjavik in Iceland are based on the basket groups and comparison location(s) selected in the Calculators.
In terms of the hardship people are likely to experience, assessed in global terms, Reykjavik in Iceland is ranked as high degree of hardship with a hardship index of 30%.
Personalized hardship index premiums for Reykjavik in Iceland are based on the comparison location(s) selected in the Calculators.
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