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Consumer prices in Norway almost flat

Staff Writer |
The Consumer Price Index (CPI) rose 0.3 percent in Norway from February to March. The year-to-year growth in the CPI was 2.4 percent in March, down 0.1 percentage points from February.

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The CPI-ATE rose 1.7 percent from March 2016 to March 2017. CPI was 105.0 (2015 = 100) in March 2017, compared to 102.5 in March 2016, which corresponds to a year-to-year growth of 2.4 percent.

From February to March the CPI rose 0.3 percent, mostly due to price increases on clothing.

Many clothing stores switch stock from down priced winter clothes to newly arrived spring and summer clothing between February and March.

All clothing sub groups had price increases in March; combined price increase was 7.7 percent.

Energy prices combined fell 1.8 percent last month, due to lower prices on petrol, diesel and electricity.

The yearly book sales gave a price decrease of 17.5 percent on books. Lower food prices also contributed to dampening the CPI rise.

Year-to-year growth: higher electricity price

From March 2016 to March 2017, the CPI increased by 2.4 percent, mainly due to higher electricity prices. Prices on electricity including grid rent rose 15.5 percent the last twelve months, but the price level has remained more or less constant for the last four months.

Food prices were in March 2.8 percent higher than they were in March last year, and together with increased prices on restaurant services and fuels contributed in the increased CPI.

A price fall of 24.4 percent on airfares was the most important contributor in dampening the increase of the CPI.

Lower airfares in March have to be viewed in conjunction with increased demand and prices during the Easter holiday that fell in March last year.

The year-to-year growth in the CPI went down from 2.5 percent in February to 2.4 percent in March.

The decreased growth rate was caused by the development in the prices of several consumption groups.

Prices on fuels and books fell from February to March this year, while they rose in the same period last year. For airfares and furniture the monthly price increase in March this year was lower than in March last year.

For some goods and services this diverging price development is due to the Easter effect.

The price development on food and clothing contributed to restrain the fall in the year-to-year growth rate

CPI-ATE rose 1.7 percent in March, up 0.1 percentage points from February.

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