Inflation is at 7.3%

Statistics Faroe Islands yesterday published the inflation figures for the second quarter of 2022.

The Faroese annual inflation rate reached 7.3% in June, which is the highest year-on-year increase in 14 years.

Prices have increased in most commodity groups. Fuel prices have risen the most, but other groups such as ‘restaurants and hotels’, ‘communication’ and ‘clothing and footwear’ have also seen significant price hikes.

Prices of groceries and non-alcoholic drinks increased by 6.2% over the past 12 months, according to Statistics Faroe Islands.

The Consumer Price Index, which tracks changes in the cost of living over time, consists of 12 main categories of goods and services. The effect that each category has on the overall price index is weighted according to consumption levels.

Read the Faroese version of this article here.

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