Published 15 March 2023 at 08.11
Economy. The rate of inflation according to the CPI increased to 12.0 percent in February 2023, according to new figures from Statistics Norway. According to the authority, we are now seeing the biggest price increase for food since the 1950s.
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– Food prices increased by 2.8 percent in the last month, which contributed to the rise in the inflation rate in February, says Caroline Neander, price statistician at Statistics Sweden.
This is an increase from January, when the CPI ended up at 11.7 percent. The monthly change from January to February was 1.1 percent according to the CPI.
The inflation rate according to the CPIF (Consumer Price Index with fixed interest) was 9.4 percent in February.
– The inflation rate according to the CPI was higher than that according to the CPIF due to the increased mortgage interest rates. That effect is cleared from KPIF. Otherwise, the two measures are the same, says Mikael Nordin, price statistician at Statistics Norway.
Rising interest costs for household mortgages contributed 2.7 percentage points to the inflation rate according to the CPI.
Food prices increased by a full 22.1 percent over the past year and 2.8 percent since January. Not since the beginning of the 1950s have food prices increased so much in one year in Sweden, according to Statistics Sweden.
There was a broad rise in food prices during February, with vegetable prices increasing slightly more than other food items. Prices also rose for recreation and culture, which include package tours and home electronics.
Prices also rose for clothing, furniture, accommodation and for various goods and services. There were also several price increases within the transport services group.
The inflation rate increased despite lower electricity prices – CPIF excluding energy rose from 8.7 percent in January to 9.3 percent in February.