Statistics Norway (SSB) announced that the Consumer Price Index (KPI) increased by 4,0 percent from October 2022 to October 2023. KPI-JAE, i.e. KPI adjusted for tax changes and excluding energy, increased by 6,0 percent over the same period. The increase in electricity and food prices had the greatest impact on the increase in the annual KPI from September to October.
KPI increased 1,0 percent from September to October, reaching 4,0 percent higher than the year before. This is 0,7 percentage points more than in the previous month. After four months of decline in the annual KPI, the increase in October was mainly due to growth energy prices.
– From September to October energy prices have increased violently. Last year during the same period, prices dropped. This increased the annual KPI from September to October this year,” said Espen Kristiansen, SSB section manager.
From September to October, electricity prices, including network charges, increased by 18,4 percent.
- Despite price increases energy last month, these prices are much lower than a year ago," Kristiansen added.
Another commodity group that showed strong price increase in October, there were food and non-alcoholic beverages that were 8,5 percent more expensive in October this year compared to October last year.
Also read: Internship program as a chance for employment
Core inflation (KPI-JAE) increased by 6,0 percent
Increase in the annual KPI adjusted for tax changes and excluding energy, KPI-JAE was 6,0 percent in October, 0,3 percentage points more than in September.
“From the KPI-JAE peak of 7,0 percent in June, the KPI-JAE annual rate has had declining rates until now in October, where it has increased again,” Kristiansen said.
The increase in core inflation remains high, and a high price increase renting contributes significantly to this. Apartment rental fees in October were 4,3 percent higher than a year earlier.
- Property owners they adjust rents to KPIs. Tall height prices in the long run will gradually be reflected in higher prices rents. Moreover, it can be assumed that rate increases interest rates will contribute to an increase in rents in new lease agreements - added Kristiansen.
Short-term reduction in fish and seafood prices
Food prices continue to be the main driver of overall price growth over the last twelve months. From September to October food prices increased by 0,7 percent after several months of decline.
– As a result of price promotion campaigns fish and seafood dropped significantly in August and September. The loss of these promotional campaigns resulted in a significant price increase for this group in October, Kristiansen said.
Seafood prices rose 10,4 percent in October after falling 9,1 percent in September.
Other goods that had price increases and contributed to the increase in food prices from September to October, it's coffee, a few fresh vegetables and lamb from the seasonal offer from the previous month.
Like us on Facebook and share our post with others
Source: Statistics Norway
Also read: Norway with the best cheese in the world
