How Consumer Prices Have Changed In Europe Over The Last 10 Years
Eurostat surveys prices of goods and services in EU countries on a monthly basis. The survey reports are published on the service’s website. On average, prices in the region have risen by 15% over the last 10 years and by 2% at the end of 2020. Here’s a look at how different the prices of living in European countries will be in 2020.
How Consumer Prices Have Changed In Europe Over The Last 10 Years
The Consumer Price Index, or Consumer Price Index, is an important statistical indicator that helps to measure inflation in EU countries. Eurostat has also calculated an annual index for Switzerland, Iceland, and Norway, which have not signed the agreement.
How Eurostat compiles the index
Eurostat calculates the index for each state separately: the purchasing power of citizens is divided by the current exchange rate. The index is then compared with the European average, which is taken as 100.
If the index is higher than 100, the cost of living in the country is expensive. If less, the country’s prices are lower than the EU average.
Consumer price index in European countries
Category
Highest prices in the EU
Lowest prices in the EU
Food
Switzerland
index 168.2
Romania index 65.3
Alcohol and tobacco
Norway index 219.7
Bulgaria index 60.8
Clothing and shoes
Germany index 130.9
Bulgaria index 75,6
Housing costs
Switzerland index 193.6
Bulgaria index 37,8
Furniture
Luxembourg index 129.4
Bulgaria index 55,2
Personal transport
Germany index 137.3
Poland index 80,2
Public transport costs
Norway index 166.3
Bulgaria index 50,6
Communication
Norway index 180,1
Romania index 45,9
Leisure and recreation expenditure
Switzerland index 151,9
Hungary index 61,3
Restaurants and hotels
Switzerland index 169
Bulgaria index 46,4
In 2020, the most expensive countries to live in were Switzerland, Norway, and Germany. Consumer prices in these states are on average 50‑60% higher in various categories of goods and services. For example, alcohol and tobacco in Norway are twice as expensive as in the EU.
The index shows that the most affordable prices for living in Bulgaria and Romania: goods and services are 30‑50% cheaper in all surveyed categories.
To see country-specific price indices for each category of goods and services, visit the Eurostat website.
Living in Bulgaria is much cheaper than in Europe. The country has a comfortable climate, beautiful nature and friendly people
What are the prices of goods and services in countries with investment programs
The six countries surveyed by Eurostat have investment programs in place. Malta also offers special merit citizenship to foreign investors.
When investors choose which country they want to become residents, they also ask about the cost of living. The Consumer Price Index gives a more complete picture of the cost of living in the country as a whole and separately by category.
Consumer price index in countries with investment programs
Category
Highest prices in the EU
Lowest prices in the EU
Food
Switzerland index 168,2
Portugal index 95,9
Alcohol and tobacco
Switzerland index 132,5
Cyprus index 90,2
Clothing and shoes
Switzerland index 123,2
Cyprus index 95,3
Housing costs
Switzerland index 196,2
Malta index 59,9
Furniture
Malta index 117,5
Portugal index 95,7
Personal transport
Portugal index 107,9
Cyprus index 85,5
Public transport costs
Switzerland index 140,7
Greece index 75,2
Communication
Greece index 173
Austria index 100,8
Leisure and recreation expenditure
Switzerland index 151,9
Greece index 87
Restaurants and hotels
Switzerland index 169
Portugal index 73,1
The prices of consumer goods in the countries with investment programs are at or below the EU average, or 10‑30% lower. For example, hotel accommodation in Portugal is more likely to be cheaper than in other countries. Prices for public transport tickets are lower in Greece, and the cost of maintaining a private car or motorbike is lower in Cyprus.
The lowest prices for rent, utilities, and home maintenance are found in Malta. Greece, on the other hand, has the highest communication costs: internet, mobile phones, home telephones, and postal services.
Looking at the table, Switzerland has the highest price index: the cost of seven categories of goods is significantly higher than the EU average.
Switzerland is one of the most expensive countries in the world. It attracts wealthy people with a stable economy, security, high level of medicine and quality education.
A residence permit in Portugal is granted for an investment of €250,000 or more. The program offers eight options: buying real estate or securities, opening a deposit in a local bank, investing in a business, scientific activity, or the country’s cultural heritage.
Make a contribution to the country’s economy - from €600,000
Rent or buy real estate - from €16,000 or €700,000
Make a charitable donation to any non-governmental organization in Malta - from €10,000
A permanent residence permit in Cyprus is granted by investment of €300,000 or more. The investor can choose from three options: buying real estate, shares in local companies, or units in investment funds.
A residence permit in Greece is granted by purchasing real estate or shares in local companies, opening a deposit in a Greek bank. The minimum investment is €250,000.
Immigrant Invest is a licensed agent who helps you obtain citizenship and residence permits in European countries. If you would like to obtain a residence permit or citizenship in a European Union country, seek advice from experts in investment programs.
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