Inflation in Norway reaches its highest level since 1988
Paying for goods and services in Norway has become more expensive once again, inflation figures released Friday show.
Data from the national stats agency Statistics Norway (SSB) shows that consumer prices in May were 5.7 percent higher than they were 12 months previously.
This is the highest inflation figure measured in the Nordic country since the end of 1988, the stats firm has said.
“From a historical perspective, this is the strongest price increase measured since December 1988. First and foremost, rising electricity and fuel prices make the 12-month change in the CPI (consumer price index) so great,” Espen Kristiansen, a section manager at Statistics Norway, said of the figures.
In addition to electricity and fuel prices, furniture prices and the cost of food contributed to the increase in inflation.
The stats agency said that, overall, the price increase could be mostly explained by international conditions. Petrol and diesel rises were linked to high crude oil prices. The energy situation in Europe and high gas costs also had knock-ons for Norway.
The CPI adjusted for “core inflation” rose by 3.4 percent between May 2021 and May 2022.
Statistics Norway has said that it expects interest rates to rise quicker than Norway’s central bank, Norges Bank, had initially scheduled.
“The interest rate must rise because unemployment is at a record low, inflation is at a record high,” Thomas Von Bracher from Statistics Norway said.
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Data from the national stats agency Statistics Norway (SSB) shows that consumer prices in May were 5.7 percent higher than they were 12 months previously.
This is the highest inflation figure measured in the Nordic country since the end of 1988, the stats firm has said.
“From a historical perspective, this is the strongest price increase measured since December 1988. First and foremost, rising electricity and fuel prices make the 12-month change in the CPI (consumer price index) so great,” Espen Kristiansen, a section manager at Statistics Norway, said of the figures.
In addition to electricity and fuel prices, furniture prices and the cost of food contributed to the increase in inflation.
The stats agency said that, overall, the price increase could be mostly explained by international conditions. Petrol and diesel rises were linked to high crude oil prices. The energy situation in Europe and high gas costs also had knock-ons for Norway.
The CPI adjusted for “core inflation” rose by 3.4 percent between May 2021 and May 2022.
Statistics Norway has said that it expects interest rates to rise quicker than Norway’s central bank, Norges Bank, had initially scheduled.
“The interest rate must rise because unemployment is at a record low, inflation is at a record high,” Thomas Von Bracher from Statistics Norway said.
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