Food prices in Norway could rise sharply due to higher costs of basic goods like sugar and oil

Basic good prices for grocery producers in Norway have risen by up to 70%. Now, food prices could also increase significantly, companies warn.

“It is an extreme situation, with incredibly high price increases. Sugar is up 40%, vegetable oil is up 60%, transport from China is ten times as expensive, and there are often delays as well,” Orkla CEO Jaan Ivar Semlitsch told the newspaper Dagens Næringsliv.

There will be price increases from Orkla, he said.

“It is absolutely necessary. We haven’t seen such a situation in 20 years,” Semlitsch said.

Agra: Price hikes likely

Agra also warns that higher prices are likely. 

“It is difficult to see how this will not lead to higher prices. It is a broad picture of unusually high price increases,” CEO in Agra Knut K. Heje noted.

Many of the basic goods are traded in the global market.

“Basic goods prices are up dramatically. The price of rapeseed oil has risen by 70% in the last year, and the price of our most used plastic and aluminum has increased by 50%.”

Ringnes and Kiwi are also among those who believe prices will generally increase.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

Do you have a news tip for Norway Today? We want to hear it. Get in touch at [email protected]