The cost of living in Europe: in which EU countries is it most profitable to live?
The cost of living in different European countries varies significantly. Find out where to live in the most cost-effective way, taking into account the prices of food, alcohol, clothing, restaurants and transportation
Eurostat has published data on consumer price indices for 2022. The information shows that the level of household spending on food, clothing, restaurants, and transportation varies significantly across the European Union.
*The price index is an indicator that reflects changes in the price of a certain set of goods, i.e. shows how much the prices of consumer goods have increased on average.
Read about Ukraine's place in the updated ranking of the world's best countries here.
Where are the cheapest groceries, soft drinks and clothes?
There are significant differences in the cost of a standard grocery basket. Thus, Romania is the cheapest country (72% of the EU average), and Denmark is the most expensive (121%).
The cheapest clothes are sold in Bulgaria (80% of the EU average), Hungary (83%), and Romania (84%), while the highest prices are in the Czech Republic (115%), Sweden (117%), and Denmark (134%).
Ukraine is also expected to see an increase in prices and tariffs. Many of them will affect not only businesses and entrepreneurs but also ordinary Ukrainians. Read about the main changes that Ukrainians will face in July here.
Where are the lowest prices for tobacco and alcohol?
The recorded difference between the most expensive and the least expensive EU country in tobacco and alcohol prices is striking. For example, the price level in Ireland is about 3.3 times higher than in Bulgaria. Such a large difference is explained by the fact that the countries have different taxation systems for these categories of products.
For example, the highest prices for alcohol and tobacco products were recorded in Denmark (138%), Finland (174%) and Ireland (216%). The lowest levels were recorded in Hungary (78%), Poland (73%), and Bulgaria (66%).
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Which EU countries have the lowest prices for restaurants and hotels?
Restaurants and hotels ranked second in terms of price differences. Thus, the highest price levels are characteristic of Luxembourg (131%), Finland (132%) and Denmark (156%). The cheapest hotel and restaurant services are offered by Hungary (62%), Romania (62%) and Bulgaria (51%).
In addition, there is a difference in the cost of personal transport services - from 87% in Poland to 132% in Denmark, as well as in the cost of consumer electronics - from 92% in Italy to 115% in France.
It is worth noting that recent months in Europe have been characterized by many protests among transport workers. Read here about how this affects the functioning of transportation and where to expect flight cancellations in July.
Where is the cheapest place to live?
The study covered prices for more than 2,000 consumer goods and services across Europe. The overall price level is based on the concept of household final consumption expenditure (HFCE).
Thus, the most expensive countries to live in are Ireland (146% of the EU average), Denmark (145%) and Luxembourg (137%). And the cheapest are Poland (62%), Bulgaria (59%) and Romania (58%).
We remind you that Ukrainian refugees successfully adapt the legislation of other countries to their needs, resulting in new changes to the rules. Read about how Ukrainian refugees protect their rights abroad in our previous article.
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