Norway: Inflation edges up in October
November 10, 2016
In October, consumer prices climbed 0.5% from the previous month, which came in above September’s reading (+0.3% month-on-month) and overshot the 0.3% increase markets had forecasted. According to Statistics Norway, higher prices for housing and utilities drove the index up in October.
Inflation increased to 3.7% in October from 3.6% in September. October’s rate is largely above the Central Bank’s target of a 2.5% annual change in consumer prices. Annual average inflation in October inched up to 3.4% from September’s 3.3% and marked the highest level seen since June 2009.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.2% month-on-month in October (September +0.3%). Core inflation was steady at September’s 2.9% in October.