Customer shopping at the Lidl in Espoo on January 4, 2024. LEHTIKUVA
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According to the Consumer Price Index by Statistics Finland, the prices of food (including beverages) increased by an average of 9.0% compared to the previous year in 2023. The average inflation rate for 2023 stood at 6.2%.
The year-on-year change in the prices of food and non-alcoholic beverages reached its peak in February of the previous year, at 16.3%. Since then, the rate of increase has slowed down.
In December, food prices were 2.3% higher than the previous year, with a monthly change of -0.92%, meaning that, on average, food cost slightly less in December than in November. Both in the eurozone and the EU as a whole, food prices continued to rise even faster than in Finland last year.
Over the course of two years, food prices have risen by approximately one-fifth. Towards the end of the year, there was already divergent price development by product category and product. In the main category of meat, the year-on-year change turned negative in November, while in the product categories of cereal products and bread, as well as dairy products, prices continued to rise at the end of the year.
This year, the development of food prices is expected to stabilize. In the early part of the year, there will still be divergent price changes by product category and product. The Pellervo Economic Research (PTT) will release its food price forecast at the end of March, in conjunction with the economic forecast for the agricultural and food economy.
HT
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Source: www.helsinkitimes.fi
