Norway: Inflation falls to lowest level in over a year
August 10, 2015
In July, consumer prices fell 0.1% over the previous month, which contrasted the 0.3% increase recorded in June and undershot market expectations of no change. According to Statistics Norway, the increase was mainly driven by a fall in the prices of clothing and electricity.
Inflation in July fell from June’s 2.6% to 1.8%, the lowest reading since May 2014. Annual average inflation in July was unchanged over June, coming in at 2.1%.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, recorded flat growth over the previous month, which was below June’s reading of 0.5%. Annual core inflation came in at 2.6% in July, which was down from June’s 3.2%.
Author: Robert Hill, Economist