Food Prices See Highest Increase Since the 80s: 6.7% Rise in One Year

In one year, we find the highest price increase for food since the early 80s, according to recent figures from Statistics Norway.

The case is updated.

The total price increase over the past twelve months is 6.7 per cent, according to the latest inflation figures from Statistics Norway, which were published on Friday morning.

What contributes to the price increase in May is more expensive food, more expensive flights and rent.

Looking at food alone, prices were 13.2 per cent higher when compared to May last year. In the last month alone, from April to May, there is talk of a 2.4 per cent increase.

If you look at food and non-alcoholic beverages as a whole, the growth is 12.7 per cent.

That food prices should increase in June and will continue to increase this summer has already been predicted by several experts.

– In the last couple of months, we have seen a relatively large increase in the price of food. Only once before, in 2017, has a larger monthly change been measured from April to May, and we have now had two strong monthly changes in a row, says section head Espen Kristiansen at Statistics Norway in the press release sent out on Friday.

Canceled price jump in February may be the explanation

Kristiansen says that the rise in food prices in recent months can perhaps be explained by the fact that the price increase was not as large as expected in February, when the chains usually adjust their prices.

– Perhaps the slightly unusual growth in food products in recent months comes from the fact that the price increases have rather been spread out over time throughout the spring, he says.