Norway Sees Continued Surge in Food Costs

(MENAFN) Food costs across Norway climbed by 6.1% during the past 12 months, while prices recorded a 2.8% increase on a monthly basis, based on data released by Statistics Norway and referenced by a broadcaster on Monday.

“The price war happened in March this year, but in April last year. Therefore, the figures from these two months alone do not give a true picture of the price development over twelve months for food and drink,” Stein Rommerud, executive vice president of communications at Norgesgruppen, told the broadcaster.

He further explained that “the Easter effect always disrupts the March and April figures.”

The increase in grocery prices also pushed overall inflation higher in Norway, as consumer prices in April were 3.4% above the level recorded a year ago, according to official statistics.

Inflation continues to remain above the 2% goal set by Norges Bank after the central bank lifted its benchmark interest rate to 4.25% last week.

Marius Gonsholt Hov, chief economist at Handelsbanken, stated that the newest figures were not expected to prompt an immediate adjustment in monetary policy.

“If we had a very strong number today, it could have been a case of another interest rate hike in June. But there is no urgency now. I don’t think the next interest rate hike will come until September,” he said.

Harald Magnus Andreassen, chief economist at SpareBank 1 Markets, noted that the statistics matched forecasts and were unlikely to change the assessment of Norges Bank.

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