Norway facing record-high inflation | CPI increased by 5.7 percent from May 2021 to May 2022 |
Individual customers
Business customers

Norway facing record-high inflation | People are buying less and less, so suppliers are selling more expensive

Norway is facing record-high inflation | CPI increased by 5.7 percent from May 2021 to May 2022 | ECONOMY

According to new data from the State Statistics Norway ( Statistisk Sentralbyrå, SSB), the CPI increased by 5.7 percent from May 2021 to May 2022, while the CPI-ATE increased by 3.4 percent. The Consumer Price Index (CPI) increased by 0.2 percent. from April 2022 to May 2022, while CPI-ATE increased by 0.4% over the same period.

Norway's consumer inflation accelerated in May, as oil and electricity prices hit record highs and food prices soared, leading to the most significant annual growth in four decades.

It was the highest value since December 1988, with the main pressure on growth coming from transport (9.4% compared to 8.3% in April), housing and utilities (8.0% compared to 10.1%), food and non-alcoholic beverages (2.6% compared to 1.7%). , clothing and footwear (2.5% vs 3.1%), health (1.9% vs 2%), restaurants and hotels (7.7% vs 6.8%) and various goods and services (2.4 % vs. 12.2%), shows SSB press release.


People are buying less and less, and suppliers are selling more expensive 

According to official data, the Covid-19 crisis slowed down production, slowed down Supply Chains Management, and changed people's habits. The war in Ukraine increased the prices of Wheat, Gas and especially Oil, which are essential for an economy heavily dependent on transport. Now there is one more evil that is as worrying as inflation.

Many sellers are noticeably concerned: people are buying less and less, so suppliers are selling more expensive. As a result, profits have started to decline in recent months.

The Norwegian statistics office said it expects interest rates to rise faster than initially planned by the Norwegian Central Bank. Norges Bank was the first country with the top 10 selling currencies in the world to start increasing borrowing costs last year.

Business in Norway | Assess your changing insurance needs
Have you invested time and effort in Your Business, does your work pay off, do you have the wind in your sails? Congratulations! This increase probably caused changes in your
continue reading
100 billion NOK Worth of Guarantees and Loans in Crisis Support for Businesses in Norway
The Norwegian Government has proposed two new loan measures, providing support of a total of NOK 100 billion. The package will improve Norwegian Businesses’ access to the
continue reading
Poprzedni artykuł Następny artykuł

The content of this website is for information purposes only and does not constitute as advice. While we take every care to ensure the information provided is correct and up to date, please always check with your providers before committing yourselves. Some products and benefits only available from selected brokers. Our service is free to you but to operate this service we may receive a fixed fee and/or commission from the provider or broker we refer you to. Calls from consultants may be recorded or monitored for regulatory, training and quality purposes.

©™ is an appointed representative of © LOCALMARKET GROUP AS (925383082) & BUSINESS LINK NORWAY (819464332) registered in The Office of Business Enterprises in The Kingdom of Norway | Brønnøysundregistrene. Financial & Insurance Services and Markets Authority, and subject to limited regulation by the Financial Conduct Authority. Head Office Adresse: Karenslyst Alle 4, 0278 Oslo – Skøyen. Post Adresse: Postboks 358, 0213 Oslo, Norway. Email Contact: Office Contact: + 47 23 89 88 63 © Copyright 2016-2021 The LOCALMARKET GROUP ™.

This site uses cookies

Find more

I agree