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Prices at 88% of the EU average

19/06/2017 09:40
In 2016, price levels for consumer goods and services differed widely in the European Union (EU). According to Eurostat Denmark (139% of the EU average) had the highest price level, followed by Ireland (125%), Luxembourg and Sweden (both 124%), Finland and the United Kingdom (both 121%). At the opposite end of the scale, the lowest price level was found in Bulgaria (48%), while Poland (53%) and Romania (52%) were just above 50% the average. In other words, price levels for consumer goods and services in the EU varied by almost one to three between the cheapest and the most expensive Member State.

Prices in Cyprus stood at the 88% of the EU average while food & nonalcoholic beverages exceeded 109%. Alcoholic beverages & tobacco were cheaper at 91%, clothing stood at 100%, personal transport equipment at 89%, consumer electronics at 109%, and finally restaurants & hotels stood at 91%.

Eurostat records that in 2016, the price level of a comparable basket of food and non-alcoholic beverages across the EU was more than twice as high in the most expensive Member State than in the cheapest one. Price levels ranged from 62% of the EU average in both Poland and Romania to almost 150% of the average in Denmark (148%), followed by Sweden (126%), Austria (123%), Luxembourg (121%), Ireland and Finland (both 120%).

With a variation by over one to three between Member States, price levels for alcoholic beverages and tobacco showed significant variations. The lowest price level in 2016 was registered in Bulgaria (56% of the average), ahead of Hungary (67%), Poland (68%) and Romania (69%). At the opposite end of the scale, the highest prices were observed in Ireland (175%) and the United Kingdom (162%), followed at a distance by the three Nordic EU Member States – Finland (135%), Sweden (128%) and Denmark (122%). It should be noted that this large price variation is mainly due to differences in taxation of these products among Member States.

Restaurants & hotels is another category where differences in price levels were most pronounced. Price levels ranged from less than 60% of the EU average in Bulgaria (44%), Romania (53%) and the Czech Republic (56%) to 150% in Denmark and 144% in Sweden.