Bread prices differ by nearly 400 kronur

Prices for the same groceries varied widely between Icelandic retailers in August, with a loaf of bread costing 349 kronur at the cheapest store and 729 kronur at the most expensive, mbl.is reported.

Grocery prices rose by an average of 0.14% between July and August, according to the latest figures from ASÍ’s price monitoring service. Although food price increases have slowed since the start of the year, the organisation said price differences between retailers remain large and persistent.

In a comparison of 561 products sold in 10 stores, the median difference between the lowest and highest price was 42%. Prís most frequently had the lowest price, while Krambúðin most often had the highest.

Prís offered the lowest price on 317 products, followed by Bónus on 123. Krambúðin had the highest price on 186 products, followed by Kjörbúðin on 138 and 10-11 on 124.

According to ASÍ, shoppers could generally make their cheapest purchases at Prís. Prices at Bónus were on average 4% higher than at the cheapest retailer, while Krónan was 5% more expensive and Nettó about 10% more expensive. Prices at Kjörbúðin and Hagkaup were about 30% higher than at the cheapest retailer. The highest overall prices were found at 10-11.

The price difference was at least 30% for nearly eight out of every 10 products included in the comparison. ASÍ said this was consistent with its longer-term findings, showing that prices at more expensive retailers were often tens of percentage points higher than prices for the same products elsewhere.

A basket of 25 common food and household products showed particularly clear differences. Mylluheimilisbrauð bread cost 349 kronur at Prís and 729 kronur at Krambúðin. A litre of low-fat milk ranged from 266 kronur at Prís to 419 kronur at 10-11, while Felix ketchup cost between 309 kronur at Prís and 499 kronur at Kjörbúðin.

Some individual products showed even larger differences. A Tunnock’s Caramel Bar cost 98 kronur at Bónus and 469 kronur at 10-11, making it nearly four times more expensive at the latter. Bonaqua with forest berry flavour cost between 124 kronur at Prís and 329 kronur at 10-11.

ASÍ said the findings showed that household costs were affected not only by monthly changes in prices, but also by differences of several tens of percentage points between retailers that could quickly add up as more products were bought.