OSLO: The Consumer Price Index (CPI) dropped 0.4 per cent from November to December 2015, mostly due to lower food prices. The year-to-year growth in the CPI was 2.3 per cent in December, down 0.5 percentage points from November.
The CPI fell 0.4 per cent from November to December, mostly due to a decline in food prices of 3.0 per cent. This is the largest drop in monthly food prices since the VAT change on food in July 2001. Price decreases were measured for multiple products, especially for Christmas-related products such as chocolate, pork, clementines, rice pudding and almonds. Electricity prices including grid rent fell 3.5 per cent from November to December.
The year-to-year growth in the CPI was mainly dampened by lower electricity prices. Electricity prices including grid rent fell 6.1 per cent. The price development in petrol and auto diesel, which fell 3.1 and 6.6 per cent respectively, also dampened the growth in the CPI.