Norway continues to see a sharp slowdown in inflation

Frazer Norwell
Frazer Norwell - [email protected]
Norway continues to see a sharp slowdown in inflation
Inflation figures in Norway saw a significant decline in September. Pictured is an energy meter. Photo by Arthur Lambillotte on Unsplash

Food and energy prices contributed to a fall in the annual inflation figure in Norway between August and September, the latest figures from Statistics Norway show.


Prices in September were 3.3 percent higher than the same month a year prior, according to figures from Norway’s national data agency, Statistics Norway

Norway’s 12 monthly inflation figure for September was 1.5 percentage points lower than the yearly figure a month before, however.

In August, the Consumer Price Index, a measure of inflation, was 4.8 percent higher than the same month last year.

“High price growth has been the reality for a long time. Now, on the other hand, we have seen a decrease in price growth in recent months, and from August to September, it decreased by a full 1.5 percentage points,” Espen Kristiansen from Statistics Norway said.

Lower food and energy prices were contributors to the fall in inflation.

“From August to September last year, electricity prices rose sharply, while food prices were unchanged. This year, the prices for both of these product groups fell in the same period. This pulled the twelve-month growth in the CPI sharply down,” Kristiansen said.

In September this year, energy prices, including network rent, were 43.9 per cent lower than in September last year. From August to September, food prices fell by 1.5 percent.


“It is not unusual for the price of fish to fall in September, but such a sharp price drop from one month to the next has not been measured in the CPI before. Price campaigns on fish products are probably reflected in the price drop that was measured in September,” Kristiansen said

The figures for September mark the fifth month in a row that price growth in Norway has slowed. The CPI in September also saw the lowest growth for almost two years.


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