A new website where consumers can compare the prices of food items in three major grocery chains in Iceland has officially launched. The website features around 80 food staples and prices are updated daily. RÚV reported first.
Verðgáttin, as the website is called, shows the prices of products at three major grocery chains: Bónus, Krónan, and Nettó. Products include basics such as butter, bread, vegetables, fruit, and meat products where each brand is compared across all three chains. A browse through the prices reveals that for many products, the difference is no greater than a single króna: cream, for example, costs ISK 709 at Bónus but ISK 710 at Krónan and Nettó. The difference is more dramatic for a loaf of bread from the producer Mylla, however, sold at ISK 455 in Bónus but ISK 556 at both Krónan and Nettó. Grocery stores submit prices to the website daily, meaning that consumers will also be able to see the price changes over time.
While inflation measured 10.2% in Iceland over the past year, the price of many food staples has risen at higher rates. The price of dairy products, for example, rose 16% over the past year. On Monday, the government of Iceland introduced a series of measures to fight inflation, a combination of spending cuts and tax hikes, as well as reducing the salary increases of senior government officials.
The website is part of an agreement between businesses and the Icelandic Centre for Retail Studies (Rannsóknarsetur Verslunarinnar, or RSV) to closely monitor the development of the price of essential consumer goods and was partially funded by the Ministry of Culture and Trade.