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EU country sees record jump in food costs

Prices for groceries in Finland soared 15.7% in October compared to a year ago

Food inflation in Finland saw the biggest year-on-year increase of 15.7% last month, TASS reported on Monday, citing the latest data released by the country’s statistics center.

The price surge, which is reportedly the steepest since Finland joined the European Union 27 years ago, has been attributed to “a rise of prices for fertilizers and energy carriers caused by the coronavirus pandemic and the conflict in Ukraine.”

The EU is facing a sharp rise in energy prices and record inflation amid anti-Russia sanctions and a policy of abandoning Russian oil, natural gas, coal and other commodities. The situation is expected to lead to energy rationing and shortages across the entire region.

The biggest jump was recorded for flour, eggs, coffee and butter. Prices for flour saw an enormous increase of 46%, while prices for the other food products soared by more than 30%.

“Prices will continue to rise until the end of the year and at least in the first half of the next one,” said Jyrki Niemi, research professor at Natural Resources Institute Finland, as quoted by the agency.

READ MORE: Inflation pressure turns daily morning habit into expensive luxury — Eurostat

Two weeks ago, preliminary Eurostat data showed that in October inflation in Finland rose to 8.3%, marking the lowest rate among EU member states after Malta.

Last month, Eurostat reported that the price of coffee in the EU had seen an average year-on-year surge of nearly 17% with Finland leading the ranking. The jump in coffee prices in the country totaled 44% in the 12 months to August 2022.

For more stories on economy & finance visit RT’s business section

https://ift.tt/5WqLsvD 14, 2022 at 06:47PM
from RT – Daily news

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