Prices and Cost of Living in Iceland

Food and beverage prices in Iceland

Popular food products found on store shelves in Iceland include bananas, rice, bread, onions, eggs, tomatoes, cheese, beef and potatoes, among others. Prices for a kilo of these products range from 296 ISK (2.07 EUR) for a kilo of onions to 5277 ISK (36.95 EUR) for a kilo of beef. The price of white rice is 454 ISK (3.18 EUR) per kilo, while a loaf of fresh white bread costs 531 ISK (3.72 EUR) per half kilo. Bananas cost 308 ISK (2.16 EUR) per kilo, while apples cost 408 ISK (2.86 EUR) per kilo.

Water, available in 1.5-liter bottles, costs 245 ISK (1.71 EUR). Dairy prices in Iceland, on the other hand, are as follows: 1 liter of milk costs about 239 ISK (1.67 EUR), and 1 kilogram of locally produced cheese is an expense of 2272 ISK (15.91 EUR). Chicken filet, which is a common ingredient in meat dishes, costs in the range of 2996 ISK (20.98 EUR) per kilo. Eggs (12 pieces per package) are an expense of about 792 ISK (5.55 EUR), and the average price of tomatoes is 623 ISK (4.36 EUR) per kilo.

What is the typical cost for an affordable meal?

Prices in restaurants in Iceland vary and depend on several factors, such as the type of restaurant, location and time of day. For instance, a Cappuccino typically costs around 761 ISK (5.33 EUR), while a 0.33-liter bottle of Coca-Cola or Pepsi is priced at approximately 407 ISK (2.85 EUR). At a fast-food restaurant such as McDonald's, you can expect to pay 2800 ISK (19.61 EUR) for a meal, whereas a meal for two at a mid-range restaurant could cost around 18000 ISK (126 EUR). Budget-friendly dining options are also available, with some restaurants offering meals for as little as 3350 ISK (23.46 EUR).

How much does transportation cost in Iceland?

The average expense of a one-way trip using local transportation stands at approximately 650 ISK (4.55 EUR), while a monthly ticket for public transportation has an average cost of roughly 10800 ISK (75.63 EUR). Choosing to travel by taxi would entail an initial fee of 790 ISK (5.53 EUR), along with a per-kilometer charge of 324 ISK (2.27 EUR).

Fuel prices in Iceland

Average fuel prices in Iceland are 309 ISK (2.17 EUR) per liter of gasoline and 324 ISK (2.27 EUR) per liter of diesel.

How much does it cost to rent an apartment in Iceland?

The cost of renting or buying an apartment in Iceland varies according to its location. On average, renting an apartment with one bedroom and a living room outside the city center costs approximately 252500 ISK (1768 EUR) per month, while the same type of apartment in the city center can cost around 275476 ISK (1929 EUR) per month. In comparison, the purchase price of an apartment in the city center is 949167 ISK (6647 EUR) per square meter.