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Norway Inflation June 2023

Norway: Inflation drops to four-month low in June

Inflation eased to 6.4% in June, which followed May’s 6.7%. June’s figure represented the lowest inflation rate since February, but remained well above Norges Bank’s 2.0% target. Looking at the details of the release, the moderation chiefly reflected price pressures for transportation easing. This development more than offset food and non-alcoholic beverages prices rising at a quicker pace in June compared to the previous month.

Meanwhile, the trend was unchanged, with annual average inflation coming in at May’s 6.6% in June. Meanwhile, core inflation rose to 7.0% in June, from May’s 6.7%.

Finally, consumer prices rose 0.62% in June over the previous month, picking up from May’s 0.47% increase.

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