The Consumer Price Index (CPI) rose 5.7% from May last year to May this year. This is the highest growth rate for the 12 months measured by the Norwegian Bureau of Statistics since December 1988.
“From a historical point of view, this is the strongest price increase measured since December 1988. First and foremost, the price increase in electricity and fuel will greatly increase the 12-month change in the CPI,” Norway said. Espen Kristiansen, Section Manager of the Statistics Norway, said.
High prices for furniture and food also contributed to the rise.
“Electricity prices have fallen slightly from April to May, but have risen at the same time last year, but 12-month prices have risen,” Kristiansen added.
Food prices in May were 3.1% higher than a year ago, up from 2.1% in April for 12 months.
Overall price increase
Statistics Norway points out that the overall price increase can be explained by international affairs. Fuel prices are associated with rising oil prices. Gas prices and energy conditions in other parts of Europe have also contributed to the rise in electricity prices in Norway.
Commodity prices and shipping costs are rising, creating challenges in the international supply chain. All of this contributes to the rise in prices of imported goods.
For example, furniture and interior prices rose 16.9% from May last year to May this year. Accommodation prices rose sharply after the pandemic, rising 22.9% in May this year from last year.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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