Norwegians purchased more building products, hardware, sports and leisure equipment, clothes and cars in June. Retail sales increase by 1,2 percent from May to June. The cost of goods sold, which also includes cars, fuel and electricity, increased by 1,5 percent total according to Statistics Norway.
Most retail sectors increased their revenues from May to June. Stores that sell building materials, hardware and paint, sports and leisure equipment and clothing experienced the highest increase in sales, as well as online shopping.
According to the household consumption index, cars, gas and oil experienced the highest growth percentage, at 2,9 percent from May to June. The food and beverage industry increased their sales by 1,8 percent, whereas people's consumption of electricity and fuel went down by 1,7 percent.
"The figures for June are definitely higher than expected," says Knut A. Magnussen in DNB Markets. He thinks there will be a more subtle growth in the weeks ahead.
However, as an isolated case, these figures still indicate that the likelihood of a cut in interest rate has subsided, Magnussen explains.