Food prices up by 10 percent

Consumer price hikes have reached the highest point (8.8 percent) since 1982 when the year-on-year increase was 10.6%, reports Statistics Faroe Islands.

The Consumer Price Index (CPI) 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.

Prices in ‘food and non-alcoholic beverages’, the commodity group that constitutes the largest portion of household consumption, went up by 10 percent year-on-year.

This is the main reason for the overall increase in the latest quarterly CPI, which covers the period from June 2022 to August 2022.

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Prices of butter, margarine and cooking oil increased by 25 percent in the past year.

Milk, cheese and eggs now cost 15 percent more than a year ago. Prices of bread, corn products, fruits, vegetables and meats have also risen significantly.

Just about all food categories have seen higher prices in the past year; however, prices of sugar and candy have had a modest increase of 3.7 percent. This means that it has become relatively cheaper to buy sweets than fruits and vegetables.

Read the Faroese version of this article here.

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