Price of living in the Faroes goes up

Most consumer price categories saw an increase over the past year, according to Statistics Faroe Islands.

The biggest increase was in the ‘hotels and restaurants’ category.

Homeowners are also feeling the price hike, as oil and electricity prices have gone up by almost 7 percent. Food prices saw an increase of 0.3 percent in the past year.

Petrol and diesel cheaper

Car prices have also gone up, but the price of petrol and diesel was lower in the first quarter (Q1) of 2019 than in Q1 last year.

While most categories saw a price increase, the category with the biggest price drop was ‘furniture and other household items’, which was 3.2 percent cheaper in Q1 2019 than in Q1 2018.

The consumer price index for Q1 2019 was 120,0, compared with 120.3 in Q4 2018. In Q1 this year, prices were on average 1.2 percent higher than in Q1 2018.

Translated by prosa.fo