Big drop in hotel prices

The price of staying in a Faroese hotel has seen a big drop, according to Statistics Faroe Islands’ consumer price index for the third quarter (Q3) of this year.

The year-on-year average price drop of 35 percent for Faroese hotels is significantly greater than in Iceland and Denmark where hotel prices went down by 14 and 22 percent respectively in the past year.

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Hotels and restaurants’ is one of the 12 categories of goods and services making up the Faroese consumer price index.

Prices in the ‘housing, electricity and heating’, ‘communications’, ‘hotels and restaurants’ and ‘health’ categories have gone down, while prices in categories such as ‘clothing and footwear’ have increased.

The overall consumer price index is up by 0.3 percent in Q3 2020 compared to Q2 2020. From Q3 2019 to Q3 2020, the average prices went up by 0.2 percent.

Translated by prosa.fo