Eurostat: North Macedonia remains among the countries with the lowest prices in Europe, while food continues to cost more

Eurostat’s latest data once again places North Macedonia among the group of European countries with the lowest price levels, alongside Bulgaria, Romania, and Serbia. However, according to economists, low prices do not necessarily mean a better standard of living, since purchasing power is also determined by wages and the productivity of the economy.

Eurostat’s analysis states that Serbia has prices at around 62.5 percent of the European Union average, placing it among the cheapest countries in Europe. Nevertheless, the differences are significant when it comes to different categories of products and services.

In particular, food and non-alcoholic beverages in Serbia have reached approximately 96 percent of the EU average. This makes them more expensive than in several countries in the region and Eastern Europe, including North Macedonia, Bulgaria, Romania, Poland, the Czech Republic, Slovakia, Bosnia and Herzegovina, and Turkey.

On the other hand, the prices of consumer electronics in Serbia are about 30 percent higher than the European average, while household appliances cost approximately 11 percent more than the EU average.

By contrast, energy continues to be significantly cheaper, with prices reaching only about 49 percent of the European Union average. This places Serbia among the countries with the lowest costs for electricity and heating.

Eurostat underlines that the overall price index does not always reflect the real cost of living, because some categories have already approached or exceeded the European average, while others continue to remain significantly cheaper.

As for food prices in Europe, the highest prices were recorded in Luxembourg, where they stand around 22 percent above the EU average. On the other hand, the lowest prices were recorded in Romania, about 20 percent below the European average.