Electricity prices lifted the CPI
The Consumer Price Index (CPI) rose 0.5 per cent from September to October. The year-to-year growth in the CPI was 3.7 per cent in October, up 0.1 percentage points from September.
|Monthly change (per cent)||12-month rate (per cent)||Index|
|September 2016 - October 2016||October 2015 - October 2016||October 2016|
|CPI All-item index||0.5||3.7||146.4|
|Food and non-alcoholic beverages||-0.4||3.2||138.2|
|Housing, water, electricity, gas and other fuels||1.5||5.2||180.3|
|Recreation and culture||0.2||4.3||130.3|
|Clothing and footwear||2.1||4.6||58.6|
|CPI-ATE (July 1999 = 100)||0.2||2.9||136.5|
|CPI by delivery sector|
|(December 2014 = 100)|
|Services where labor dominates||0.1||3.3||106.4|
The year-to-year CPI-ATE growth was 2.9 per cent in October, unchanged from September. The CPI was 146.4 (1998=100) in October 2016, compared to 141.2 in October 2015, which corresponds to a year-to-year growth of 3.7 per cent.
Monthly change: electricity prices rose sharply
From September to October, the CPI increased 0.5 per cent. The main reason for the CPI increase was a solid increase in electricity prices, which included grid rent rose 8.8 per cent. This is the second highest monthly price increase in 2016, and prices are now at its highest level since March 2011. Higher electricity prices can be explained by less rain than normal, increased coal prices in Europe and cold weather forecast.
Pricing on clothing rose 2.3 per cent from September to October, mainly because of continued rising prices after the summer sales, and arrival of new winter stock in stores. Increased prices on furniture, airfares to international destinations and newspapers also contributed to the CPI rise in October.
The monthly increase in the CPI was mainly dampened by lower food prices, which decreased 0.6 per cent from September to October. This means food prices went down for the third consecutive month. Prices on imported agricultural products fell twice as much as Norwegian agricultural products.
Both petrol and diesel prices fell 1.0 per cent from September to October.
Year-to-year growth: higher electricity prices
From October 2015 to October 2016, the CPI grew 3.7 per cent. Higher electricity prices were the main contributor to the year-to-year growth; prices on electricity including grid rent showed a year-to-year increase of 27.2 per cent in October.
Prices on clothing rose 4.8 per cent last twelve months, and prices on recreational and cultural services increased 5.6 per cent in the same period.
The year-to-year growth of the CPI was mainly dampened by lower fuel prices. In October this year petrol and diesel prices were 1.3 and 4.9 per cent lower than in the same month last year.
Change in the year-to-year growth: small increase in CPI growth rate
The year-to-year growth in the CPI marginally increased from 3.6 per cent in September to 3.7 per cent in October. The increased growth rate can mainly be explained by the price development in food and clothing. Food prices fell 0.6 per cent from September to October 2016, while they decreased 1.2 per cent in the same period in 2015. Prices on clothing went up 2.3 per cent from September to October this year, while they increased 1.0 per cent in the same period last year.
The year-to-year growth in the CPI-ATE was 2.9 per cent in October, unchanged from September.
The CPI adopted Eurostat’s new detailed 5-digit consumer classification, ECOICOP in January 2016. Statistics Norway has published unofficial 5 and 6-digit COICOP indices for the consumer group Food and non-alcoholic beverages up until January 2016. As a result of a discrepancy between the unofficial and the new official ECOICOP, some previously published indices are no longer available. This results in new names for some of the published groups.
Here is the detailed list of representative goods and services in the CPI by delivery sector. The list will not be automatically updated