Romania has the second lowest prices for consumer goods and services, statistics show

Romania’s prices for consumer goods and services come second lowest in the European Union (EU), standing at just 57 percent of the average for EUR’s 28 member states, according to data published by the European statistics institute Eurostat. Only Bulgaria is cheaper, with prices standing at 48 percent of the EU average. The highest prices are in EU’s Nordic member states, with Denmark’s prices at 140 percent of the EU average and Sweden at 130 percent. Prices for restaurants and hotels in Romania are just 52 percent of the EU average, which makes Romania a cheap destination for European tourists. However, prices for consumer electronics in Romania are a little above the EU average, at 101 percent. Poland has the cheapest electronics, with prices at 86 percent of the EU average. Prices for clothing in Romania are 13 percent lower than the EU average, but higher than in Hungary, where they are 25 percent below the EU average. Also prices for food, which are 69 percent of the EU average in Romania, are higher than in Poland (62 percent). Alcoholic beverages and tobacco are also more expensive in Romania than in Poland or Hungary. Although many goods and services in Romania are up to twice cheaper than in other EU member states, that doesn’t mean that Romanians can afford to buy more than other Europeans. It’s quite the opposite, as Romania also has the second lowest salaries in the EU. The average hourly labor cost in Romania is five times lower than the EU average, Eurostat data shows. Technically this means that Romanians afford to buy less than half goods and services compared to other Europeans. Andrei Chirileasa, andrei@romania-insider.com