Well, what you are saying is absolutely correct.

To try to go deeper into the matter (only speculations). A great part of Norwegians own their own house/apartment and most of their loans have a “free flowing interest”, so when the Norwegian bank puts up the interest it quickly affects the private economy. Combine this with the extreme rise in the price of electricity (10-12 times up) and the long “tradition” of using electricity for heating to a greater extent than other countries. These two factors contribute to a quick and greatly weakened buying power in the Norwegian population.

Are my speculation onto something plausible?