Norway: Inflation accelerates in April
May 9, 2018
Consumer prices rose 0.4% month-on-month in April, up from the 0.3% increase recorded in March. According to Statistics Norway, the uptick was driven by higher prices for clothing and footwear. There was also a notable increase in restaurant and hotel prices. On the other hand, prices for housing, water, electricity, gas and other fuels decreased compared to the previous month.
Inflation edged up to 2.4% in April, up from 2.2% in March and marking an over one-year high. This was above market expectations and the Central Bank’s target of 2.0%. Meanwhile, annual average inflation was unchanged at 1.7%.
Core consumer prices—which are adjusted for tax changes and exclude energy prices—increased 0.5% month-on-month in April, coming in above March’s 0.2% rise. Core inflation, meanwhile, inched up to 1.3% in April from 1.2% in March.
Author: Lindsey Ice, Economist