Statistics Norway: Inflation is at its highest level since 1988

Store - foodPhoto: Heiko Junge / NTB
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The consumer price index (CPI) has risen by 5.7% from May last year to May this year. This is the highest twelve-month growth Statistics Norway has measured since December 1988.

“In a historical perspective, this is the strongest price increase measured since December 1988. First and foremost, increased prices for electricity and fuel make the twelve-month change in the CPI so great,” section manager Espen Kristiansen at Statistics Norway noted.

High price increases for furniture and food also contribute to the increase.

“The higher twelve-month rate comes despite the fact that electricity prices fell slightly from April to May, while they rose at the same time last year,” Kristiansen added.

Food prices were 3.1% higher in May than a year earlier, up from a twelve-month growth of 2.1% in April.

Overall price increase

Statistics Norway points out that the overall price increase can be explained by international conditions. Fuel prices are linked to higher crude oil prices. Gas prices and the energy situation in the rest of Europe have contributed to high electricity prices in Norway as well.

Commodity prices and transport costs have increased, and there have been challenges in international supply chains. All this contributes to the rise in the price of imported goods.

For example, the price of furniture and interior items has increased by as much as 16.9% from May last year to May this year. Prices of accommodation have risen sharply after the pandemic and were 22.9% higher in May this year than last year.

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

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