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Small increase in household prices last year
Last year’s 0.3-percent average price increase of goods and services for household consumption is lower than in previous years, reports Statistics Faroe Islands.
From 2017 to 2019, the increase was 1.1, 1.2 and 1.3 percent, respectively.
Groceries, which make up about a fifth of household spending, saw a year-on-year price increase of 1.7 percent in 2020.
>> SEE ALSO Planned electricity price hike put on hold
Prices in the ‘housing, electricity and heating’ commodity group went down by 4.2, largely due to a 20-percent drop in oil prices.
Car owners benefited from a 16-percent decrease in petrol and diesel prices, but the average car price increased by 3.2 percent.
Read the Faroese version of this article here
Translated by prosa.fo
