Cost of living calculator - criteria for essential expenditure

The Debtors Ombudsman sets a standard for cost of living based on information from the Ministry of Social Affairs. The Ministry of Social Affairs’ standards are based on a study by Statistics Iceland on expenditure of individuals and families.

The median expenditure for each family type is used to determine the maintenance criteria. This means that 50% allow the reference amount or lower to be used for the purchase of products falling within each category.

Regularly updated

The standards are updated regularly and are based on the research of Statistics Iceland on household expenditure in the period 2013 to 2016.

The criteria are updated every 2 months.

Last Updated: 2 April 2024