In July, Norway experienced a significant rise in food prices, contributing to an overall inflation rate of 2.8% over the past year, according to Statistics Norway.

Food prices alone surged by 3.2% from June to July, with items like cheese, coffee, and chocolate seeing notable increases.

This trend continues despite the removal of fixed price adjustment windows by retailers, which were previously criticized.

The core inflation rate, excluding energy and taxes, decreased slightly to 3.3%, still above the central bank's target of 2%.

Economists suggest that while these figures might support a potential interest rate cut by Norges Bank, the weak Norwegian krone could delay such a decision.

The central bank has raised interest rates 14 times since 2021 to curb inflation, with the next meeting scheduled soon.