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Food prices in Finland up 12% year-on-year in July

Despite the rise in prices, the value of retail sales has increased at a much slower rate, suggesting that consumers are buying cheaper products or cutting back on certain purchases.

Food prices rose well above the level of inflation. Image: Aalto Puutio / Yle
Yle News

Prices of food and non-alcoholic beverages in Finland rose by an average of 12.4 percent year-on-year during the month July, according to a report published on Tuesday by the Finnish Grocery Trade Association (PTY).

The report added that the price rises were being driven by the higher costs of production.

The figures from July suggest that food prices are increasing at a rate much higher than the general price level rise. The year-on-year change in consumer prices, or the rate of inflation, was 7.8 percent in July.

Despite the price rises, PTY noted that the value of retail sales of daily consumer goods by members of the trade association increased by just 0.7 percent year-on-year in July.

The total value of retail sales was just under 1.9 billion euros during the month.

The fact that the value of retail sales is rising at a much slower pace than prices suggests that consumers have been buying cheaper products or cutting down on their purchases.

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