Prices rise more than expected

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Norway’s consumer price index (CPI) rose 3.7 percent in June, compared to the same month last year, and that surprised economists and analysts at state statistics bureau SSB (Statistics Norway).

Prices rose on a monthly basis by 0.6 percent, according to new numbers released by SSB earlier this week.

Most of the increase was blamed on higher food prices, up 1.1 percent and higher for fruit and vegetables. The price of electricity also rose, as did prices for clothing.

Analysts had expected the CPI to rise by around 3.2 percent on an annual basis, according to news bureau TDN Finans. The core inflation rate, meanwhile, which excludes changes in taxes and energy prices, was set at 3 percent. staff