Norway’s government announces measures to address soaring food prices
The Norwegian government has announced measures to investigate why food prices are so high and whether supermarket chains are hiking the prices of groceries more than they need to.
Norway’s Minister of Trade, Jan Christian Vestre, will ask the Norwegian Competition Food Authority to look into whether supermarket chains in Norway have engaged in illegal price fixing by announcing price hikes in the media.
The announcement comes after the trade minister and the Minister of Food and Agriculture, Sandra Boch, met figures from the grocery industry on Thursday morning.
Vestre is critical of supermarket chains announcing future price increases in the media.
“It is disturbing that chains, through the media, warn of price increases and changes before they happen,” he said.
“It could even border on illegal price collusion,” he added.
Public broadcaster NRK has previously reported that supermarket prices in Norway could rise by as much as ten percent from February 1st. Chains in Norway adjust prices wholesale twice a year. Once in February and once in July.
Following the meeting, Vestre said that the government would introduce three measures to address high grocery prices.
The government will investigate profit margins in the value chain and how the supermarket industry forms prices.
Thirdly, the Norwegian Competition Authority will investigate whether supermarkets announcing price rises in the media broke any price collusion or fixing rules.
He also pleaded with supermarket chains not to raise prices more than 50 øre above what is necessary.