Norway Reports Sharp Rise in Food Prices Over Past Year

(MENAFN) Food prices in Norway have increased significantly over the past year, driven in part by higher energy costs and seasonal factors, according to official data cited by reports on Monday.

Figures from Statistics Norway (SSB) show that food prices rise 6.1% year-on-year, while monthly prices also climb 2.8%.

According to reports, Stein Rommerud, executive vice president of communications at Norgesgruppen, explains that short-term comparisons can be misleading due to seasonal effects.

“The price war happened in March this year, but in April last year. Therefore, the figures from these two months alone do not give a true picture of the price development over twelve months for food and drink,” he says.

He also adds that holiday timing affects price patterns, saying, “The Easter effect always disrupts the March and April figures.”

The increase in food costs contributes to broader inflation, with consumer prices in April recorded at 3.4% higher than a year earlier, according to official statistics.

Inflation remains above the central bank’s 2% target after Norges Bank raises its key interest rate to 4.25% last week.

Chief economist Marius Gonsholt Hov of Handelsbanken says the latest figures are unlikely to prompt an immediate policy change.

“If we had a very strong number today, it could have been a case of another interest rate hike in June. But there is no urgency now. I don’t think the next interest rate hike will come until September,” he says, according to reports.

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