Information on the price development in the Faroe Islands is scarce. Price measures such as e.g. the Gross Domestic Product (GDP) deflator and the deflator for personal consumption expenditure are unavailable since the national accounts are in nominal terms only. The best price measure available is a Consumer Price Index (CPI) published quarterly where the weights attached to the different commodity groups are based mainly on import and VAT figures and estimattion of production of goods and services for households final consumption. The base period is 1998. This can be compared with CPIs in other countries which are published monthly and where the weights are updated regularly with an interval of no more than three to five years and based on more comprehensive surveys of household expenditure.

On average, the CPI has increased at an annual rate of about 0.5 to 2 per cent since the current CPI started in 2001. This is similar to what is seen in consumer price increases in other countries. The biggest increases in the CPI since 2001 have occurred in commodity groups such as "Alcoholic beverages and tobacco", "Restaurants and hotels", "Transport" as well as other commodity groups which have been affected by the rising oil prices of the last few years such as "Electricity and heating" for instance.

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