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Prices at restaurants not lowered

Despite a reduction in VAT (value added tax) on March 1, restaurants have not lowered their prices as grocery stores have, according to numbers from Statistics Iceland published yesterday.

According to calculations by Statistics Iceland, the price at restaurants should have been lowered by 8.8 percent, but have only dropped by 3.2 percent, as Morgunbladid reports.

Statistics Iceland concluded fast food restaurants have done better in lowering their prices than restaurants within a higher price range.

Anna Birna Halldórsdóttir at the Consumer Agency of Iceland said the agency had received hundreds of complaints from consumers.

She said the agency had sent over 100 letters requesting an explanation from restaurants that had not lowered their prices.

Click here to read more about the VAT reduction.

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