Norway: Inflation accelerates in November
Consumer prices rose 0.5% in November compared to the previous month, contrasting the 0.2% fall in October. November’s reading was primarily due to higher prices for food and non-alcoholic beverages. On the other hand, prices for furniture, household equipment and routine maintenance fell.
Inflation accelerated to 3.5% in November from 3.1% in October, which represents a near two-year high. Inflation therefore surpassed Norges Bank’s target rate of 2.0% again in November. Meanwhile, annual average inflation ticked up to 2.6% in November from 2.4% in October.
Core consumer prices—which are adjusted for tax changes and exclude energy prices—rose 0.3% in November compared to the previous month, contrasting the no-change in October. Core inflation accelerated to 2.2% in November from 1.6% in October.