The Statistisk sentralbyrå (SSB), Norway’s central statistical bureau, has reported a 4.8 percent increase in prices over the past year. This announcement was made in a press release issued on Monday morning. While this figure represents a decrease compared to earlier months this year, it is important to note that the overall price growth remains historically high.
The Consumer Price Index (CPI) now stands 4.8 percent higher than it did a year ago. Notably, food prices have dipped by 0.8 percent over the last four weeks but remain 9.3 percent higher than they were a year ago.
One significant factor contributing to the drop in the twelve-month growth rate of the CPI has been the contrasting trend in electricity prices between this year and the last. As Espen Kristiansen from SSB explains, “Last year, we witnessed a sharp increase in electricity prices from July to August. This year, the situation is quite the opposite, as electricity prices have decreased in most parts of the country during the same period. This is a crucial reason for the decline in the twelve-month growth rate in the Consumer Price Index (CPI).”
The 4.8 percent rise in prices, although lower than previous months in the year, still signifies a substantial inflationary pressure on the Norwegian economy. Consumers and policymakers will continue to monitor these developments closely as they consider their economic decisions in the coming months.