Consumer goods group ICA reports that prices in its stores fell by 0.8 percent in May compared to the previous month. Year-to-date, prices have dropped by a total of 5.8 percent, primarily driven by the halving of food VAT introduced on April 1.

The most significant price decreases were recorded for vegetables and coffee, while beef saw the largest price increase during the month.

ICA simultaneously noted that global uncertainty and higher energy prices are driving up costs throughout the entire food supply chain.