Table of food prices further down in the case. Prices rose 0.6 per cent from May to June 2023, and in June were 6.4 per cent higher than a year ago. – It was again much stronger than expected, says chief economist at Handelsbanken Marius Gonsholt Hov. Statistics Norway writes in a press release that price growth continues to be at a high level. In the last five months, they have measured a price increase of around 6.5 per cent compared to last year. The consumer price index is a measure of how prices in society are rising. The figures are published by Statistics Norway (SSB) every month. Consumer price index (CPI) Shows how the prices of the goods and services that private households demand change. In other words, the CPI shows changes in the consumer prices of goods and services. The consumer price index is usually compared with consumption the previous year. The goods and services that accounted for the largest part of the household budget receive the greatest value. CPI is often used as a measure of inflation. Statistics Norway calculates the consumer price index. On 21 June, Norges Bank raised the key interest rate by 0.5 per cent. In August 2021, the interest rate was 0 per cent. Since then, it has been raised to 3.75 points. The next interest rate hike is expected in August. Food prices increase From May to June, food prices increased by 2.5 per cent. In one year, food prices have increased by 13.7 per cent, figures from Statistics Norway show. – It is unusual for food prices to increase so much in the month of June. This means that the twelve-month growth for food prices increased in June from an already high level in May, says section manager Espen Kristiansen at Statistics Norway. The prices of fruit and vegetables are what mainly drive the index for food up. Increased import prices for fruit and vegetables cause the food price index to rise. Photo: Olav-Johan Hemminghyth The food price index rose by 2.5 per cent in one month. One is an extremely strong price weight according to chief economist at Handelsbanken Marius Gonsholt Hov. – To put it into perspective. Norges Bank has an inflation target of 2 percent as an annual average. And food prices have increased by over 2.2 per cent in a month, and that comes on top of all the increases that have been there before. Furthermore, Hov says that the annual growth in food products is almost 14 per cent. Kristiansen says that some of the rise in June is due to a weakened krone cross. – The prices of imported agricultural goods rose clearly more than Norwegian agricultural goods in the last month. The price of Norwegian agricultural goods rose by 1.6 per cent, while imported agricultural goods had a price increase of 6.5 per cent.
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Statistics Norway on the rise in prices – food prices continue to rise – news Norway – Overview of news from different parts of the country
