Saturday June 10, 2023
Food prices fall but still at high level in Finland
Published : 15 May 2023, 21:55
Updated : 15 May 2023, 21:58
Food prices in Finland went down significantly in April, although they remained 14 percent higher than in the same month of 2022, reported Xinhua, quoting Statistics Finland on Monday.
In April, the month-on-month drop in food prices was 1.22 percent, the most marked monthly decline since 2019. For example, the price of bananas fell by almost 7 percent from the previous month.
The overall inflation rate in Finland in April was 7.9 percent year-on-year.
The price of sugar increased by almost 43 percent and that of flour by more than 32 percent year-on-year. Only coffee and certain vegetables were cheaper in April than in the same month a year earlier, according to statistics.
Price awareness among Finnish consumers has increased and households are shifting to cheaper products. Responding to changes in consumer behavior, the retail sector has somewhat adjusted prices.
For instance, the S Group, one of Finland's two leading retailers, has recently marked down the prices of 400 of its house brands, responding to the changing purchasing practices.
The Pellervo Economic Research Institute (PTT) predicted last month that food prices would increase by 7.5 percent this year.