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Inflation in the country remains high, and last month it rose more than expected. The chief economist believes this opens the door to higher interest rates for longer than planned.
– Price inflation is rising from already very high levels. This is primarily the development of prices of electricity, food and fuels contributes to the increase in prices to 7,5 percent in October, says section manager Espen Kristiansen at Statistics Norway.
Inflation as measured by the Consumer Price Index (CPI) was 7,5 percent in October compared to the same month last year, as shown by recent stats Norwegian statistical office.
Price inflation in Norway increased
According to Bloomberg data, economists and analysts expected in advance that price growth would rise to 7,1 percent. In September, inflation was 6,9 percent.
No support electricity price increase would be even higher and would amount to 9,5%.
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Core inflation, i.e. the increase in prices excluding electricity and tax changes, amounted to 5,9 percent. This is the fourth month in a row with record core inflation, which began to be measured in 2001.
“An important explanation for the high price increase is that we continue to see broad and strong price increases for most goods and services,” says Kristiansen of Statistics Norway.
