Norges Bank believes that wages in Norway will increase more than prices

Ida Wolden BachePhoto: Terje Bendiksby / NTB

Norges Bank believes that wages will rise more than prices in the future.

“Our forecasts predict high employment, low unemployment in the years ahead, high activity in the economy, and that wages will rise faster than prices,” Central Bank Governor Ida Wolden Bache told Norwegian Broadcasting (NRK).

Prices have increased by 6.3% in the last year, figures from Statistics Norway show.

Prices continue to grow

Inflation over the past year was 0.6% higher than the twelve-month change in May, which was already very high.

“In June, it was first and foremost increased prices for fuel and food that gave us a further increase in the twelve-month growth. Food prices increased significantly,” section manager Espen Kristiansen at Statistics Norway (SSB) stated.

The price of food has increased by 5.6% in the last year. Meat and grain product prices have increased the most, by 9.4 and 5.2%, respectively. From May to June, food prices rose by 2%.

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

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3 Comments on "Norges Bank believes that wages in Norway will increase more than prices"

  1. Roald Bentzen | 13. July 2022 at 08:37 | Reply

    She got to be blood sosialist – The wages kill our comodity export, and she don’t seems to care.

  2. Vernon Childers | 13. July 2022 at 16:53 | Reply

    Somebody needs to pay for the high wages and it’s not the employer. It’s the consumer, and that is just the fact.

  3. Inigo Sanchez | 16. July 2022 at 10:58 | Reply

    As a spanish living in Norway I don’t fully understand it’s reality but I doubt that being a member of OPEC will compensate the global economic instability. We will see soon enough but I’m afraid that she is trying to calm everyone, but who knows.

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