From June 2023 to June 2024, Norway's Consumer Price Index (CPI) increased by 2.6%, according to Statistics Norway (SSB). The rate of increase for food and non-alcoholic beverages slowed to an annual rate of 4.9% in June 2024, down from 5.4% in May 2024.
Commenting in June, Bendik Solum Whist, grocery director at business representative group Virke, said it was "good news for Norwegian consumers that the rise in prices for food and drink appears to be on the way down. The price development is related to the fact that cost growth further down the value chain is about to slow down after some very turbulent years."
At its peak last year, the annual price increase for food and drink was 13.4% in Norway, compared to 22.6% in Sweden.
Whist added that price stabilisation resulted from lower energy and electricity prices, a general decline in inflation, and strong price competition among grocery chains.
"The battle for customers in the Norwegian grocery market is fierce," he said. "With strong price competition, it is challenging with high costs linked to purchasing, energy, transport and currency. It is therefore pleasing for everyone that we are heading towards a more normal price development."
Elsewhere, data from SSB indicated that Norwegian food producers received lower prices for their goods in June compared to May. This marked the third consecutive month of slight price drops in the home market, with producer prices for foods produced and sold in Norway falling by 0.5%.
In the export market, producer prices for food fell by 3.9% from May to June, primarily due to declining seafood prices.
Norwegian consumers also appear to be drinking less alcohol, SSB data showed. Volume sales of alcoholic beverages declined by 2.4% in Norway in 2023, to 392 million litres, compared to the preceding year. The spirits category experienced the sharpest decline, falling by 5.6% to 12.5 million litres. Wine and beer sales declined by 1.9% and 3%, respectively. Conversely, sales of soft drinks increased by 2.8% during the year.
As SSB noted, the total sales volume of alcoholic beverages in 2023 was the lowest since 2019.
Here's an overview of the top ten supermarket retail chains in Norway, according to their most recently-available full-year turnover. All data is supplied by Retail-Index (www.retail-index.com).
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1. NorgesGruppen
Turnover: €10.5 billion (2022)
NorgesGruppen tops the list with an annual turnover of €10.5 billion recorded in 2022.
The group offers a combination of physical stores and online shopping, both from independent merchants and company-owned outlets throughout the country. It currently operates 1,821 outlets in Norway as of 2023 under the banners Joker, Kiwi, Meny, Naerbutikken, Deli da Luca and Ultra.
2. Reitangruppen
Turnover: €5 billion (2021, estimated)
Reitangruppen is a Norwegian wholesaler and retailer that recorded an estimated €5 billion turnover in 2021.
It operated 1,306 outlets in Norway as of 2022 under the banners 7-Eleven, Narvesen, Rema 1000 and YX.
3. Coop Norge
Turnover: €5.53 billion (2021)
Coop is third on the list, and recorded an annual turnover of €5.53 billion in 2021.
It currently has approximately 1,225 outlets in Norway under the banners Coop byggmix, Coop Extra, Coop Market, Coop Mega, Coop Obs!, Coop Obs! Bygg, Coop Prix and Matkroken.
4. SPAR
Turnover: € 1.7 billion (2021)
SPAR Norway reported an annual turnover of €1.7 billion in 2021 and currently operates 295 outlets across the country as of 2023.
5. Bunnpris
Turnover: N/A
Bunnpris operated 244 stores in Norway as of 2022, with locations situated all the way from Rypefjord in the north to Søgne in the south.
About Retail-Index
Retail-Index is a specialist supplier of management information on consumer retail markets, provided by Veraart Research Group in the Netherlands. Its mission is to supply managers with up-to-date key information on retail markets in Europe and support them in their international expansion.
The company dates back to 1964, when it started as a market research and marketing consulting company for consumer products and services. In 1989, it started publishing written reports on various retail sectors in Europe. As of 2005, it publishes its information on retailers through the online database and curated datasheet exports available on www.retail-index.com. A team of researchers manages the data to reflect upon current developments in the markets, collected from an extensive number of sources.
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