It shows the consumer price index for the period from May to June, which Statistics Norway has expired today.
Last 12 month core inflation (inflation adjusted for tax changes and excluding energy products) increased by 3.2 percent over the year to June. Economists had expected in advance a growth of 2.4 percent.
A sharp increase in the prices of traveling by air was the largest contributor to the CPI increase.
While SAS and Norwegian constantly marketer assertion lower prices on airline tickets, showing the bare statistics something completely different:
Airfare prices through the roof
Airfare prices rose about 18 percent last month, and it was particularly traveling abroad which showed price increases. SSB believes that changes this month among others must be seen in conjunction with the measurement points around the end of school in June.
Norwegian’s Communications Director, Anne-Sissel Skånvik, headed over SSB figure:
– Such jumps in prices we feel are not left in For our part, she says to Aftenposten.
The development of airfares in years is in stark contrast to last year, when prices on tickets declined by 7 percent during the same period.
While the price Oil has plummeted, the price of fuel continues to increase and rose by 4.7 percent from May to June, which is the largest percentage monthly change since June 2009. Petrol and diesel prices rose both as much last month.
Read also: 16 million liter of petrol, despite the steep drop in oil prices
Food prices increased for the third consecutive month
Food prices increased 1.0 percent last month. It is the third consecutive month these prices increased. Overall, food prices have risen by 3.4 per cent these three months, it is at the same level as we saw last summer. The difference is that the increase is now divided into three months instead of one.
– The last three months food prices have risen more than other prices, says adviser Simen Sæterdal in SSB.
He adds that it also applies to the last 12 months, when prices have increased by 3.7 percent.
Last summer, higher food prices 3, 2 percent within one month. It was the biggest change in the course of a month since the mid-1980s. Food and Agriculture Minister Sylvi Listhaug reacted immediately and called the food chain and food suppliers on the carpet to get an explanation on the violent inflation.
Kiwi also admitted that less competition in the summer made it easier to set up food prices in these months.
– competition works, but it is quieter when we lie and bask. We have vacation, we also said Kiwi boss Jan-Paul Bjørkøy Aftenposten last August, when he would explain what had happened to prices. Meanwhile, he promised to lower prices.
Fewer offers summer
One of the reasons he gave for the large price increase last summer was that there are fewer offers from chains in the summer months than in the remaining months.
SSB figures show that all subgroups, except fruit, had increased prices, but inflation on chocolate products had the greatest impact.
Price rises for fruit and confectionery contributed most to growth 3.7 percent the previous month.
Prices of alcoholic beverages rose 2.0 percent in the same period. This came partly as a result of the prices of coffee products went up 4.3 percent.
krone gained sharply
– The very high inflation in June was partly ripped up temporary factors and inflation will likely fall back somewhat in June. But Norges Bank’s projections now seems somewhat low, and the chance of a rate cut in September, has fallen, writes senior economist Erik Bruce at Nordea Markets in a note.
The surprisingly high inflation led to the appreciation against the dollar and euro, respectively 8.09 to 7.98 for the dollar and from 8.98 to 8.92 euro.
Economists Kjersti Haugland and Kyrre Aamdal DNB Markets notes that the rise in transport prices will probably be mildertidige .
– The rise in food prices will probably not be reversed quickly, but we expect that it will even out over time, they write in a report.
Are you curious why supermarket chains serve so well? Spend a few minutes on this matter: Matbaronene earn much more than “a penny here and a penny there”
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