Food prices fall in Finland but still at high level

Helsinki: Food prices in Finland went down significantly in April, although they remained 14 per cent higher than in the same month of 2022, according to the country’s statistical department.

Statistics Finland said on Monday that in April, the month-on-month drop in food prices was 1.22 per cent, the most marked monthly decline since 2019, reports Xinhua news agency.

For example, the price of bananas fell by almost 7 per cent from the previous month.

The overall inflation rate in Finland in April was 7.9 per cent year-on-year.

The price of sugar increased by almost 43 per cent and that of flour by more than 32 per cent year-on-year.

Only coffee and certain vegetables were cheaper in April than in the same month a year earlier, according to Statistics Finland.

Price awareness among Finnish consumers has increased and households are shifting to cheaper products.

Responding to changes in consumer behaviour, 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 per cent this year.


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