Oslo: Food prices in Norway have surged significantly, with official data revealing a 6.1% increase over the past year and a 2.8% rise in monthly prices.

According to Anadolu Agency, these figures were reported by Statistics Norway (SSB) and highlighted by broadcaster NRK on Monday.

Stein Rommerud, the executive vice president of communications at Norgesgruppen, pointed out that comparing data from March and April of different years could be misleading due to differing price war timelines. He also noted the impact of the "Easter effect" on the figures for those months. This increase in food prices has contributed to a broader inflationary trend in Norway, with consumer prices in April rising 3.4% compared to the previous year.

Norwegian inflation remains above the central bank's 2% target, following a recent interest rate hike by Norges Bank to 4.25%. Handelsbanken's chief economist, Marius Gonsholt Hov, commented that the current figures do not suggest an immediate need for another policy change, predicting no further interest rate hikes until September. Similarly, Harald Magnus Andreassen, chief economist at SpareBank 1 Markets, stated that the data aligns with expectations and should not affect the central bank's outlook.

Despite rising inflation, wage growth has exceeded price increases in recent years, preserving household purchasing power, according to Andreassen. Kjersti Haugland, chief economist at DNB Carnegie, emphasized that persistent wage growth continues to drive inflation as businesses pass on increased costs to consumers.

On a positive note, Statistics Norway reported a 10.6% decline in fuel and lubricant prices from March to April, alleviating some inflationary pressures. This decrease followed a reduction in road taxes on gasoline and diesel, implemented by the Norwegian parliament at the beginning of April.