Prices levels and price surveys

What does the consumer have to pay?
Where can price surveys be found?

Price levels

  • The general rule in Iceland and in the EEA is that the pricing of goods and services is unregulated. If a buyer and a seller have negotiated a price, such price shall apply.
  • If the price has not been negotiated, the buyer must pay the price stated. The seller may set any price he or she pleases, but must be fair. Buyers, however, effect the price through demand, i.e. by buying or refusing to buy.
  • The stated price shall always be the final price to the consumer. VAT, fees, booking fees, shipping - any form of refund irrespective of what it is called - shall be included in the price.

Price surveys

  • The Consumer Agency is responsible for collecting information on prices, price formation, and other business terms, in order to inform consumers and strengthen their price awareness.
  • Icelandic Confederation of Labour (ASÍ) and The Consumers' Association regularly carry out price surveys for various goods and services.
  • The Post and Telecom Administration monitors telecommunication companies price lists and carries out surveys on consumer price-awareness and phone-user mobility between companies.
  • In order to estimate expenses for energy use and find out where it is most economical to buy electricity at any time, the websites  of the National Energy Authority and the Consumer Agency may be accessed.

Links of interest

Laws and regulations