Increase in energy prices

The CPI grew 0.3 per cent in November. Prices of energy goods were the most important factors behind the growth. The CPI rose 1.5 per cent from November 2008 to November 2009, while CPI-ATE increased 2.4 per cent in the same period.

The consumer price index (CPI) was 126.6 (1998=100) per November 2009 compared with 124.7 at the same time last year. This is equivalent to a year-to-year growth of 1.5 per cent in November, up from 0.6 per cent in October. The year-to year growth in the CPI-ATE was 2.4 per cent in November 2009, up 0.3 percentage points from 2.1 per cent in October.

Electricity prices by 4.5 per cent from October to November

The monthly growth in the CPI was 0.3 per cent from October to November. The growth was mainly caused by higher prices on energy. Prices on electricity, gas and other fuels increased by 4.1 per cent, and most of the goods in this sub-group contributed to the rise. Fuels and lubricants for motor vehicles had a price increase of 2.7 per cent, and food prices increased by 0.8 per cent.

A price fall for airline fares and audiovisual equipment of 7.6 and 0.9 per cent respectively, contributed to dampen the CPI growth to some extent.

Housing costs and food prices behind year-to-year growth

The CPI grew 1.5 per cent from November 2008 to November 2009. Especially two consumer components contributed to the growth; imputed rentals for owner-occupiers which rose by 2.5 per cent and food prices with an increase of 4.0 per cent. Among many other goods and services with a price increase was operation of personal transport equipment, where prices increased for most of the components with 5.7 per cent totally. Recreational and cultural services had a price increase of 8.0 per cent, while restaurant services and alcohol and tobacco prices both grew by 4.4 per cent the last 12 months.

Prices of fuels and energy products behind increased year-to-year growth

The year-to-year growth in the CPI grew by 0.9 percentage points from 0.6 per cent in October to 1.5 per cent in November. The price increase of fuels and lubricants was 2.7 per cent from October to November this year, while they fell 8.7 per cent in the corresponding period last year. Electricity included grid rent had a price increase of 4.5 per cent from October to November this year while there was a fall of 1.9 per cent in the same period last year. In addition prices of food increased this year, while they fell from October to November last year. A relatively strong fall in prices of telephone services last year correspondent to a weak price increase this year also contributed to the increase in the year-to-year growth.

Read more at Statistics Norway.

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