In the year 2022, Romania and Bulgaria emerged with the lowest consumer prices for goods and services within the European Union (EU), showcasing a remarkable 41% below the EU average, according to data released by the National Statistical Institute of Romania on Friday.
Contrasting with this, Denmark led the other end of the spectrum with prices soaring 49% above the EU average. Following closely were Ireland (42% above), Luxembourg (37% above), and Finland (26% above).
Price level indices provide insight into how many units of a currency are required to purchase an identical volume of goods and services across different countries. For 2022, the data reveals that at the EU level, EUR 100 suffices for consumer goods and services, with Denmark requiring EUR 149 and Romania and Bulgaria requiring only EUR 59.
Citing Eurostat, the NSI document noted that Romania holds the distinction of being the most economical member country for the Food and Non-Alcoholic Drinks category (72%), followed by Poland (73%). On the flip side, Denmark and Luxembourg top the list with the highest prices for this category of products (121%).
The information from the Romanian Statistical Institute sheds light on Romania's purchasing power compared to other EU member states. Eurostat calculated the data in December 2023 based on consumer prices collected from participating countries, encompassing a broad range of goods and services representative of the consumption patterns of 36 European countries. Additional data on GDP expenditure elements and other relevant information were also considered in this comprehensive analysis.
