Consumer Price Index: Food for Norway
NORCPIFODMINMEI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
112.64
Year-over-Year Change
1.07%
Date Range
1/1/1979 - 5/1/2018
Summary
The Consumer Price Index (CPI) for Food in Norway measures the changes in retail prices for a basket of food and non-alcoholic beverage items. It is a key economic indicator used to track inflation and consumer purchasing power.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The CPI for Food in Norway is a subcomponent of the overall Consumer Price Index, which measures the average change in prices paid by consumers for a market basket of consumer goods and services. The food CPI specifically tracks price movements for food and non-alcoholic beverages, providing insight into a critical component of household spending.
Methodology
The Norwegian CPI for Food is calculated monthly by Statistics Norway based on a survey of retail prices.
Historical Context
The food CPI is closely monitored by policymakers, economists, and consumers to assess inflationary pressures and the overall cost of living in Norway.
Key Facts
- The CPI for Food in Norway has a base year of 2015.
- Food and non-alcoholic beverages account for about 13% of the overall CPI basket in Norway.
- Norway's food CPI reached a record high in 2022 amid global supply chain disruptions.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index (CPI) for Food in Norway measures the changes in retail prices for a basket of food and non-alcoholic beverage items.
Q: Why is this trend relevant for users or analysts?
A: The food CPI is a key indicator of inflationary pressures and the overall cost of living in Norway, providing important insights for policymakers, economists, and consumers.
Q: How is this data collected or calculated?
A: The Norwegian CPI for Food is calculated monthly by Statistics Norway based on a survey of retail prices.
Q: How is this trend used in economic policy?
A: The food CPI is closely monitored by policymakers to assess inflationary pressures and the overall cost of living, which informs decisions on monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The Norwegian CPI for Food is published monthly with a typical 2-3 week delay, providing timely data on price changes in the food and beverage sector.
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Citation
U.S. Federal Reserve, Consumer Price Index: Food for Norway (NORCPIFODMINMEI), retrieved from FRED.