Until last year, the price of food did not tax the consumer’s wallet much more than before. This year, production cost pressures are already reflected in prices.
I eat the price will rise clearly more this year than last year, estimates Pellervo Economic Research (PTT) in its review of the agricultural and food economy.
Last year, consumer food prices rose moderately and the rapid rise in the cost of agricultural inputs was still barely reflected on store shelves. According to Statistics Finland, the price of food rose by an average of 0.3 per cent last year, excluding non-alcoholic beverages.
However, the rise in food prices accelerated towards the end of the year. In October, the price of food rose by 0.6 per cent from the corresponding period of the previous year, by 1.1 per cent in November and 1.4 per cent in December.
According to PTT, the rise in food prices this year may be faster than the general inflation trend.
According to PTT, there are currently cost pressures throughout the food chain. Towards the end of the year, producer prices for meat and milk have been rising. The rise in wage costs, for example, is also reflected in the food industry and food stores. There is also a lot of uncertainty in the market, which can be reflected in price developments.
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