A drop in prices of food and beverages helped to reduce the consumer price index. From July to August, it fell by 0.8%.
Food prices fell by 3.4% between July and August this year, while they fell 1.0% during the same period last year.
‘The fall is mainly caused by developments in food prices. Food prices fell by 3.4% between July and August. Almost all foods, and some beverages showed a price decline, especially cheese, chocolate, yogurt, and fresh berries, which
contributed the most. Promotional campaigns are common in August, but price reductions were recorded through a broader range than is normally included in offers’, wrote Statistics Norway (SSB).
In the past twelve months, the consumer price index has increased by 1.3% overall.
Core inflation (CPI-ATE – an important factor for interest rate fixing in Norges Bank) has increased by 0.9% in the past twelve months. Between July and August this year, it decreased by 0.9%.
© NTB Scanpix / Norway Today