Higher electricity prices pushed up CPI
The Consumer Price Index (CPI) increased 0.4 per cent from September to October 2015, mostly due to prices of electricity. The year-to-year growth in the CPI was 2.5 per cent in October, up 0.4 percentage points from September.
|Monthly change (per cent)||12-month rate (per cent)||Index|
|September 2015 - October 2015||October 2014 - October 2015||October 2015|
|CPI All-item index||0.4||2.5||141.2|
|Food and non-alcoholic beverages||-1.0||3.3||133.9|
|Housing, water, electricity, gas and other fuels||1.4||1.3||171.4|
|Recreation and culture||0.7||4.0||124.9|
|Clothing and footwear||1.1||2.6||56.0|
|CPI-ATE (july 1999 = 100)||0.2||3.0||132.6|
|CPI by delivery sector|
|Other consumer goods produced in Norway||1.2||-0.5||162.1|
|Imported consumer goods||0.4||3.7||95.2|
|Other services with wages as dominating price factor||0.2||2.9||217.7|
The year-to-year CPI-ATE growth was 3.0 per cent in October. The CPI was 141.2 (1998=100) in October 2015, compared to 137.8 in October 2014, which corresponds to a year-to-year growth of 2.5 per cent.
Monthly change: price increase on electricity
The CPI rose 0.4 per cent from September to October, mostly due to higher prices on electricity including grid rent, which rose 9.7 per cent. This is the largest monthly change since December 2012, and is mainly due to an increase in spot prices from September to October. The prices of clothing increased 1.0 per cent in the period, while airfares went up 4.0 per cent from September to October.
The monthly increase in the CPI was mainly dampened by a 1.2 per cent decrease in prices of food items; the largest decrease since March. Petrol prices also contributed to dampening the growth, with a 1.4 per cent decrease from September to October.
Year-to-year growth: price growth on food items and furniture
The CPI rose 2.5 per cent from October 2014 to October 2015. Despite the prices of food and non-alcoholic beverages falling from September to October 2015, the group is the largest contributor to the year-to-year growth. Prices of food rose 3.1 per cent from October 2014 to October 2015, while the prices of non-alcoholic beverages increased 4.6 per cent in the same period. Other contributing factors were the prices of furniture and furnishings, which rose 10.3 per cent from October 2014 to October 2015. Prices of newspapers, books and stationary increased 8.6 per cent in the same period.
The year-to-year growth in the CPI was mainly dampened by prices on electricity including grid rent, which despite its increase from September to October 2015 is 2.2 per cent lower in October 2015 compared to October 2014. Lower prices on petrol also contributed to dampen the growth, with a 7.5 per cent decrease over the past twelve months.
Change in the year-to-year growth: prices of electricity pulled the growth up
The year-to-year growth in the CPI increased from 2.1 per cent in September to 2.5 per cent in October. The increased growth rate was mainly due to the development in prices of electricity including grid rent, which rose 9.7 per cent from September to October this year, while falling 3.1 per cent in the same period last year.
The price development of food items and fuel pulled in the opposite direction, as they fell more from September to October in 2015 than in the same period in 2014.
The year-to-year growth in the CPI-ATE was 3.0 per cent in October; down 0.1 percentage point from September. This was mainly due to the aforementioned development in food prices.