After two months of slight declines in Norway’s high food prices, they rose again in October. That contributed to an inflation rate of 2.6 percent, still higher than the central bank’s goal of 2 percent.
State statistics bureau SSB (Statistics Norway) reported a 0.7 percent rise in food prices from September to October. They’re now 3.9 percent higher than they were in October of last year, when they’d also risen rapidly. SSB noted that food prices, along with electricity and rental rates, are among the most important contributors to the overall inflation rate. While electricity rates have declined from record highs in recent years, rental rates have soared.
Norway’s core inflation rate was set at 2.7 percent, still higher than Norges Bank’s target. That further suggests that the central bank won’t lower interest rates any time soon, but mostly because of the weak Norwegian currency. On Thursday it still cost just over NOK 11 to buy one US dollar.
NewsinEnglish.no staff
