Price jumps on electricity led to price growth in September – news Norway – Overview of news from various parts of the country

– In the months up to August this year, electricity prices were lower than at the same time last year. In September, however, they were almost 8 per cent higher than a year ago, says Espen Kristiansen, head of section at Statistics Norway. Prices rose a little bit lower than Norges Bank expected in its latest estimates, but there is a clear rise from August. At that time, price growth was measured at 2.6 per cent higher than in August last year. When Norges Bank looks at interest rates, they primarily look at how prices are developing, apart from changes in energy prices and taxes, i.e. core inflation. Core inflation landed at 3.1 per cent in September, which is a slight decrease of 0.1 percentage point from the annual growth in August. Price growth is still stronger than the target of Norges Bank, which wishes to see core inflation of around 2 per cent over time. Fall in food prices While electricity prices pushed up price growth, food prices helped to pull it down. Food prices fell by 1.7 per cent from August to September. – It is not unusual for food prices to fall in the autumn, but this is the biggest price drop SSB has measured for food products in the month of September, when we have comparable figures going back to 1979, says section chief Kristiansen. Published 10/10/2024, at 08.03 Updated 10.10.2024, at 08.13



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