Macedonia emerges as Europe’s cheapest country in Eurostat price index

Eurostat’s price‑level indices compare the cost of a standard consumer basket in each European country with the EU average (set at 100). The latest data show North Macedonia with an index of 49.7 — about half the EU average – making it the cheapest nation in Europe. Iceland tops the list with prices 83.7 % above the EU average, followed by Switzerland, Denmark and Ireland.

Western and northern European states generally have higher price levels, while central and southeastern countries are markedly cheaper. Besides Macedonia, other low‑price economies include Turkey, Bosnia‑Herzegovina, Romania, Bulgaria, Serbia and Albania, where the basket costs 25‑40 % below the EU average. Bulgaria records some of the lowest overall prices in the EU, though certain categories such as food and electronics are near the European average.

Economists stress that price levels alone do not reflect living standards, as wages and purchasing power vary widely across the region. High prices in wealthier countries are often offset by higher incomes, while low prices in poorer economies may accompany lower wages.