Price of electricity in Norway went up by 23.8% in one year

ElectricityPhoto: Heiko Junge / NTB
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Without the state support schemes, the price of electricity would have risen 84% for Norwegian households in the past year.

In the last twelve months, the prices of fuel and lubricants have increased by more than 40%. The price of electricity, including grid rent, rose by 23.8% from March 2021 to March 2022, according to Statistics Norway.

“Without the support scheme and the temporary reduction in the electricity tax, we would have had a price increase for electricity including grid rent of around 84% in the same period,” said section manager Espen Kristiansen at Statistics Norway (SSB).

While electricity and fuel prices fell at the same time last year, they rose in March this year.

Twelve-month growth of 3.7%

The consumer price index (CPI) rose 0.6% from February to March 2022 and is 4.5% higher than a year ago, new figures from the SSB show. The twelve-month growth rose from 3.7% last month.

Among the product groups that went up the most, apart from the energy products, is passenger transport by air, where prices increased 13.6% from February to March 2022.

One of the few product groups where prices fell from February to March was food, with a decrease of 1.7% from February to March 2022. However, this happened after food prices rose by 4.5% from January to February, a rare major upswing.

Uncertainty increases oil prices

The CPI adjusted for tax changes and energy products, the so-called core inflation, rose by 2.1% from March 2021 to March 2022, unchanged from February.

In other words, the figures show that it is precisely energy products that are driving up inflation, the SSB states.

“The rise in fuel prices accelerated in the last month, from an already high level. We see this in connection with the recent growth in the crude oil price, which also increased in March, as a result of uncertainty in the international supply of oil,” Kristiansen added.

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

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