Finland Times

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Home BUSINESSFood prices to decline slightly
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Wed, 07 Oct, 2015 12:01:30 AM
FTimes – STT Report, Oct 7
 
File Photo – Str / Lehtikuva.
Food prices will fall this year by over two per cent, according to a forecast of Pellervo, a service organisation for Finnish cooperatives.
 
The organisation pointed out that reduction in costs, weak demand, and increased competition among the retail chains has resulted in a drop in consumer prices of food products.
 
Compared to other food products, the prices of dairy products have fallen most, posting nearly a five per cent decrease. 
 
The food industry has managed to find new market for dairy products in place of the Russian market. However, the new market has not completely replaced the Russian market following the collapse of exports of food and dairy products to the country.
 
According to the organisation, food prices will fall this year faster than other consumer prices.
 
Pellervo projected that food prices will start to rise again and forecast a slight increase of 0.3 per cent.
 
Consumers have begun to buy cheaper products and at the same time exports have declined.
 
Furthermore, the number of entrepreneurs in the agricultural sector is dropping. According to Pellervo, their income has dropped by half in two years. The entrepreneurial income has decreased because of falling prices of livestock products and weak crop harvest.
 
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