Norway: Inflation falls slightly in November
December 9, 2016
Norwegian consumer prices in November climbed 0.2% from the previous month, below the 0.5% increase recorded in October and matching analysts’ expectations. According to Statistics Norway, the price increase was driven by higher prices for housing, water, electricity and gas, clothing and footwear and recreation and culture, while the price of transport and food and non-alcoholic beverages rose compared to October.
Inflation dipped slightly from 3.7% in October to 3.5% in November, the lowest reading in six months but still significantly above the Central Bank’s inflation target of 2.5%. Annual average inflation in November inched up to 3.5% from October’s 3.4%.
The core consumer price index, which excludes taxes, fees and energy prices, fell by 0.1% month-on-month in November (October: +0.2% mom). Core inflation fell from 2.9% in October to 2.6% in November.
Author: Oliver Reynolds, Economist