8/10, 10:36 AM (Source: TeleTrader)
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Norway's inflation surges to 6.8%, highest in 25 years

The Consumer Price Index (CPI) in Norway jumped by 6.8% in July, compared to the corresponding time span the year before, Statistics Norway revealed in its report on Wednesday. The reading marks the highest rate in 25 years.

The costs of food and non-alcoholic beverages soared by 7.6%, while core inflation excluding changing prices of electricity and taxes grew by 4.5% annually, reaching its highest recorded level since 2001. "We have never previously measured a similar price increase for food from one month to the next in the CPI," said Statistics Norway Section Manager Espen Kristiansen, explaining that prices of crude oil, natural gas, and metals recorded hikes "a couple of years ago."

On a monthly basis, consumer prices in Norway were up 1.3% from June.

Baha Breaking News (BBN) / AB