Norway: Inflation climbs in June
July 10, 2015
In June, consumer prices rose 0.3% over the previous month, which was slightly above the 0.2% increase recorded in May and markedly overshot market expectations of a 0.2% fall. According to Statistics Norway, the increase was mainly driven by a rise in the prices of transport and of food and non-alcoholic beverages.
June’s annual headline inflation reading inched up from May’s 2.1% to 2.6%, the highest reading since September 2013. Annual average inflation in June inched up to 2.1% from the previous month’s 2.0%.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.5% over the previous month, which matched May’s reading. Annual core inflation came in at 3.2% in June, which is up from May’s 2.4%.
Author: Robert Hill, Economist