Cost of Living in Iceland

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As the cost of living is one of most common issues one can encounter when visiting or moving to another country, here we try to give you an idea compiling a list of some of the most common consumer goods. This list isn’t an ultimate scale and it will be updated frequently. Prices may vary according to the store: discount supermarkets like Bónus,  Krónan or Nettó are more convenient for general food purchases than others like Hagkaup or Nóatún, but they lack variety and quality in some department, like fruits and vegetables, especially if you visit at the wrong days or hours.

Bakery/cereals:

  • Baguette (x1) – 139 ISK;
  • Choco rice snaps (500 gr) – 398 ISK;
  • Corn Flakes (500 gr) 199 ISK;
  • Honey corn flakes (500 gr) – 398 ISK;
  • White bread (1000 gr) – 218 ISK;

Drinks:

  • Coca Cola (2 l bottle) – 258 ISK;
  • Orange juice (1 l carton) – 215 ISK;
  • Pilsner beer (0.5 l – 2.25%) – 125 ISK;
  • Sprite (2 l bottle) – 179 ISK;
  • Water (1 l bottle) – 184 ISK;

Fresh goods:

  • Eggs (x6 carton) – 269 ISK;
  • Frankfurters (x5 pack) – 360 ISK;
  • Fresh chicken (1000 gr) – 598 ISK;
  • Gouda cheese (1000 gr) – 1553 ISK;
  • Milk (1 l carton) – 101 ISK;
  • Plain skyr (500 gr) – 141 ISK;
  • Skyr various flavors (200 gr) – 124 ISK;
  • Smoked rainbow trout (1000 gr) – 1998 ISK;
  • Smoked salmon (1000 gr) – 1998 ISK;

Fruit/vegetables:

  • Chinese cabbage (1000 gr) – 219 ISK;
  • Lemons (1000 gr) – 244 ISK;
  • Oranges (1000 gr) – 228 ISK;
  • Pears (1000 gr) – 219 ISK;
  • Red onions (1000 gr) – 108 ISK;
  • Tomatoes (1000 gr) – 398 ISK;
  • Watermelon (1000 gr) – 159 ISK;

Bottled/canned/dried goods:

  • Asparagus tips (200 gr can) – 98 ISK;
  • Pesto genovese (300 gr) 549 ISK;
  • Hashed tomatoes (400 gr can) – 98 ISK;
  • Instant coffee (200 gr) – 598 ISK;
  • Instant noodles various flavors (65 gr) – 75 ISK;
  • Plain mushrooms (185 gr can) – 89 ISK;
  • Tuna in oil (185 gr can) – 189 ISK;
  • Tuna in water (185 gr can) – 189 ISK;
  • Strawberries (820 gr can) – 195 ISK;
  • Sweet corn (300 gr can) – 119 ISK;

Frozen goods:

  • Cod fillet (1000 gr) – 699 ISK;
  • Frozen broccoli (1000 gr) – 359 ISK;
  • Frozen chicken wings (1000 gr) – 998 ISK;
  • Frozen French fries (1000 gr) – 399 ISK;
  • Frozen tuna steak (x2 pack) – 398 ISK;
  • Mixed seafood (1000 gr) – 1598 ISK;

Condiments/spices:

  • Basil (12 gr) – 198 ISK;
  • Garlic powder (88 gr) – 341 ISK;
  • Mustard (460 gr) – 189 ISK;
  • Olive oil extra-virgin (0.5 l) – 799 ISK;
  • Oregano (15 gr) – 189 ISK;
  • Paprika powder (40 gr) – 259 ISK;
  • Saffron (1 g) – 998 ISK;
  • Soysauce (0.5 l) – 209 ISK;

Household goods:

  • Dishwashing soap (0.625 l) 189 ISK;
  • Hand soap (0.5 l) – 168 ISK;
  • Paper towels (x4 pack) – 289;
  • Toilet paper (x8 pack) – 389 ISK;

Other:

  • Cappuccino – 350-420 ISK;
  • Movie ticket – 600-1150 ISK;
  • Paperback book – 2490-2990 ISK;

19 thoughts on “Cost of Living in Iceland”

  1. Hello,I just found your blog and find it quite helpful.I am planning to come to Iceland beginning of july for a week and I was wondering how expensive life is there.I will probably book in a cheap hotel,and was wondering if you could recommend any nice things in the capital,like good restaurants or any culture happenings.Now there is also some tourism going to that volcano! I am so delighted to finally come to Iceland for a short visit?

  2. Hello Christian, thanks for writing us and for your kind words. For a tourist, with current currency exchange – which might change significantly by July – I’d say that cost of holidays in Iceland should be close to the cost of European cities. There is ample choice of places to eat, depending on your budget. Accomodation might be the most expensive part of your trip – no hotel or guesthouse is really cheap in summer months – even though hotels and guesthouses usually offer good quality at any price. If you are really on a budget, having a room with a kitchenette where you can cook your own meals might save you a lot of money, even though for 1 week of stay this might not be your priority. We have been in Iceland for just two months now, so recommending places when we still know so little is a bit difficult. Anyhow, I can recommend some of our favorites. Do not miss Saffran for a delicious dinner (we have a review of it in our articles) at great prices, Devito’s Pizza for a wonderful pizza slice (but also Saffran’s pizza is a must have!), and if you love Cafés, then Café Babalu, downtown, should not be missed. But really, you should follow our blog to have some more tips as we discover stuff. Speaking of culture happenings, I recommend taking a look at http://www.visitreykjavik.is/. And absolutely, do not miss the eruption if ther volcano is still active in July. In any case, eruption or not, you need to visit the incredible, unique Icelandic landscape even if you are here just for a city visit!

  3. Hi there!

    I just discovered your chronicles and I have to say that I am very happy. I am trying to organize a trip in Iceland and I was a bit worried about the price of everything, but from what I see now, it is not as bad as I was expecting.

    Thank you very much for these prices, as they will be very useful to me!

  4. Hi Ellie, thanks for reading and congrats on your plans to visit Iceland! It’s true, most common goods are not as expensive right now as they used to be in the past — although if economy fully recovers prices might go up again in the future. Groceries shopping for example doesn’t cost more than in many other European countries. Other kind of goods though can get very expensive. Electronics, alcohol, brand clothing, etc. As long as you plan your expenses wisely, it shouldn’t be a problem 😉

    If you need any other info, feel free to ask!

  5. I am actually in Québec, not in Europe, but it seems a lot like here too.

    I am not planning a very long trip (with school and work) and I plan on going in fall or winter. It’s the accomodation that worries me the most, but I think it’ll be okay. I was really expecting things to be more expensive.

  6. Accomodation can be a problem, but I suggest you to write to guesthouses in Reykjavik: some of them are in fact opened during fall and winter, even when their websites or other official sources affirm they are closed. During winter months, when there are less tourists around, they often rent out studio apartments to students, and their fees are much lower than in spring and summer.

  8. can’t wait to visit. Any suggestions for spas and spa therapies such as massage, facials..

  10. Hi. My wife, son and I are going to be spending two weeks in Iceland in late June/early July. I’m in the process of putting together our on-land budget. Do the prices for items online at bonus.is include the VAT or are they exclusive of VAT? We’ll probably do a lot of supermarket shopping, since the restaurant prices are a lot more than what we’re used to at home, and I’m considered a fairly good cook. So, I’m trying to get a sense of the pricing.

    Thank your for your blog.

    John Sullivan
    Haddonfield, NJ, USA

  11. All the prices include VAT. But they can vary from week to week. Also, note that although Bonus is on average the cheapest supermarket, if you need specific items sometimes it’s more convenient to buy also from other supermarkets and stores. As I said some other time, in general grocery shopping is not that expensive compared to other countries. On the other hand, restaurants are indeed very expensive.

    I hope your family will have a good time in Iceland. If you need more info, feel free to ask =)

  12. I appologise for only knowing a very little about Iceland, but I have been busy trawling the web and getting myself up to speed! Out of the blue (yeserday 10/3/11) my business as a hotel booking agent has a need to send clients to Iceland and in conjunction with our (new) Icelandic partners, I will be arriving in Reykjavik on Monday afternoon 14th March 2011.

    Thank you for the insight into Iceland it is very helpful and I was pleasently shocked at how reasonable the cost of goods are now, I had always been under the impression that Iceland was unaffordable.

    Can’t wait to see Iceland!

  15. ciao mi interessa sapere se conviene cambiare euro -isk all ‘ arrivo oppure cambiare prima della partenza

  16. Ciao Graziano,

    per rispondere alla domanda: dipende dal cambio al momento della partenza in Italia (stiamo parlando di Italia, giusto?). Come regola generale, la moneta locale qui è valutata con tasso più favorevole che all’estero, quindi probabilmente è più conveniente cambiare prima di arrivare. Però, per sicurezza, informati presso le banche italiane. Per confronto, tieni d’occhio la pagina della Banca Centrale islandese.

  17. thanks for this. i’m planning a trip with my wife for a week in april. we’re hoping to do all the following: reykjavik tours, whale watching, blue lagoon, golden circle, visit a glacier, & northern lights. are we cutting it too close to the end of the northern lights season? anything else you suggest we see?

  18. Hi John,

    April is indeed considered the end of the season for spotting the Northern Lights. This is mostly beacuse the sky in April is getting lighter. However, this doesn’t mean you won’t be able to see the lights, especially if the weather is clement. Other things I’d recommend doing when in RVK are visiting the Einar Jónsson Museum and the Kjarvalsstaðir. Taking the time to go to Grótta and see the lighthouse, too — but that’s technically Seltjarnarnes.

    Hope you’ll have a good time here =)

  19. Hello there,
    My family and I (family of four), plan to move to Iceland, Would be possible for you to tell me what would be the living cost on a monthly bases in Iceland (including: rent, food, utilities, …). I would really appreciate your help.
    Yohanna,
    Regards.
    PS. you can email me as well at: [email protected]

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