Statistics Norway: High energy prices pulled inflation up to 5.4% in the last 12 months

Store - foodPhoto: Heiko Junge / NTB
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The consumer price index (CPI) rose by 5.4% from April last year to April this year. Rising prices for electricity and fuel caused much of the increase, according to Statistics Norway (SSB).

The electricity price, including grid rent, rose by 39.4% from April 2021 to April 2022. The twelve-month change is thus greater than it was in March when it amounted to 23.8%.

From March to April, the electricity price, including grid rent, rose by as much as 14%.

From March to April this year, prices for electricity and passenger transport by air rose by 14 and 39%, respectively. In the same period last year, electricity prices rose by 1.1%, while estimated prices for passenger transport by air rose by 6.9%.

Food prices

Rising food prices also helped to pick up the growth rate in April.

“Food prices rose by 1.0% from March to April this year. In the same period last year, there was a moderate fall in these prices. The more robust growth rates from March to April this year compared with last year mean that the 12-month change in the CPI is greater in April than in March,” section manager Espen Kristiansen at Statistics Norway stated.

The CPI adjusted for tax changes and energy products, the CPI-ATE, rose by 2.6% from April 2021 to April 2022, up from 2.1% in March.

The difference between the changes in the CPI and the CPI-ATE shows that tax changes and prices of energy goods contributed to pulling up the growth in the CPI by 2.8% in the last twelve months.

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

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