On cost of living in Norway

A question from Yahoo! Answers:

Why the capital of Norway has the highest living cost? What facts made this happen?

Norway is awash in oil revenues. As a result, the Norwegian krone appreciated from 9 krone to a dollar five years ago to 6.26 today. Even if prices in local currency did not change (and they probably did, following the oil windfall), the dollar prices increased by about 50%…

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