No money for consumer price watchdog

Russia’s war on Ukraine has widened the gap between rich and poor in the Faroes.

This is one of the comments in a new proposal from opposition party Miðflokkurin, which seeks to set up a consumer price watchdog.

Parliament last week approved a new inflation relief package consisting of a one-time payment of up to DKK 12,000 per household.

But this is not enough to help all households, says Miðflokkurin’s party leader Jenis av Rana.

“The way things are going now, most of the inflation relief ends up as profits for banks and retailers.”

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“We need an authority that keeps an eye on consumer prices so we can know how much of the rising prices is actually rising profit margins for retailers.”

The proposal has received strong support from opposition and government MPs alike.

However, no funding has been earmarked for this purpose in the 2023 budget proposal, which was unanimously approved at the second reading in Parliament yesterday. This would suggest that it will be adopted at tomorrow’s third and final reading.

Trade minister Høgni Hoydal who, like several government MPs, supports Miðflokkurin’s proposal, says that if it is approved, he will look for alternative ways to fund a consumer price watchdog.

Read the Faroese versions of this article here and here.

More Faroese News in English.