Pricing and price surveys
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 should always be the final price to the consumer. Value added tax, commission, booking fee, freight – any kind of payment regardless of name – should 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 Electronic Communications Office of Iceland 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
Service provider
The Consumer Agency