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The cost of electricity and network rental is 30.7% higher than in June 2017, according to Statistics Norway. In June, electricity prices rose 9.9%.
"Since July 2015, when electricity prices were at their lowest level, the price of electricity including network rent has increased by 90%", says one on the websites of the agency.
The rise in electricity prices largely explains the 2.6% increase in consumer prices over the last year.
Low Food Price Growth
According to Statistics Norway, the rise in consumer price index over the last twelve months was 1.6% if electricity prices and the net rent had not increased.
Food prices have only increased 0.4% over the same period, and price inflation is exceptionally low.
– The price increase this month was below expectations. The price of the basket is almost the same as it was 2 years ago. Ingvill Størksen, director of Virke Grocery, estimates that food and beverage prices have risen sharply in the last two years (1.2%)
Producer prices rose sharply between 1965 and June.
The increase is 19.4 for electricity producers, and the SSB points out that the dry and hot weather of recent months has been a contributing factor.
"In June, the fill rate in Norwegian water tanks rose from a normal level for this period of the year to a below-average level for the period 1990- 2017 ", writes SSB
. Statistics Norway writes that it is necessary to return in 2011 to find higher electricity production prices than in June 2018. Statistics Norway also indicates an increase in the prices of Norwegian industrial products.
Overall, they increased by 1.1% from May to June and by 8.5% between June 2018 and June last year.
The growth of prices of petroleum products and metals is the main reason for the recovery.
"If petroleum products and metals were neglected, industrial prices fell by 0.5% over last month.The same two industry industries were important for overall price growth in manufacturing over the past twelve months, "writes SSB.
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