Prices in Norway have risen by 5.1% in the last year, mostly due to high electricity prices

Electricity - power gridPhoto: Fré Sonneveld / Unsplash
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Prices in Norway have risen by 5.1% from November last year to November this year. High electricity prices are to blame for much of the increase.

Electricity prices account for 3.3% of the increase, according to Statistics Norway (SSB). The prices of electricity, including grid rent, have risen by 123.5% from November last year to November this year.

“We would have to go back 13 years, to October 2008, to find a corresponding twelve-month growth in the CPI. Not surprisingly, the high electricity prices clearly contributed the most to the upswing,” chief consultant Trym Kristian Økland at the SSB noted.

From October to November, the consumer price index rose by 0.8%.

The increase in the consumer price index was dampened by the fact that the prices of food and non-alcoholic beverages have fallen by 3.6% in the last twelve months.

“That must be seen as an effect of the tax on chocolate and sugar products as well as non-alcoholic beverages being removed this year,” Økland noted.

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

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