Finland was the fifth most expensive country in the EU in 2021 in terms of general consumer prices, behind Denmark, Ireland and Luxembourg.
Finland had the highest prices for alcoholic beverages in the EU last year, according to the results of a price comparison program coordinated by Eurostat, the statistical office of the European Union.
The report found that the cost of alcohol in Finland was 120% higher than the EU average in 2021. This is a significant increase from 2020, when prices in Finland were 91 % above the EU average.
Ireland and Sweden had the next highest alcohol prices, while the cheapest drinks in the EU were found in Hungary, Austria and Germany.
Finland was also the sixth most expensive EU country last year in terms of food prices and the fifth most expensive in terms of general consumer prices.
Denmark, Ireland and Luxembourg are among the most expensive countries in these categories.
Rising Inflation Will Bring Changes
The inflation rate in the Eurozone has reached record highs this year, reaching 8.1% year-on-year in May.
By comparison, Finland’s inflation rate was 7.1% last month, the highest level since February 1990.
According Harri Kananoja, senior statistician at Statistics Finland, rising inflation will have a significant impact on prices across Europe and a ripple effect on the comparison price index. However, he added, these effects will not become apparent until the end of this year.
“A comparison of nearly forty countries requires an enormous amount of data collection on price changes and weights for different product groups, as well as changes in exchange rates. Updating price level indices for 2021 to 2022 will only happen at the end of the year,” Kananoja said.
However, rising inflation rates are likely to have different effects in different countries.
“In Europe, food prices rose at different rates in the spring. It can be assumed that the relative level of prices in countries with high inflation has increased compared to other countries,” Kananoja noted.