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Norway Inflation July 2023

Norway: Inflation falls to over one-year low in July

Inflation came in at 5.4% in July, down from June’s 6.4%. July’s reading represented the weakest inflation rate since April 2022. Despite the downtick, the reading still more than doubled Norges Bank’s 2.0% target. Looking at the details of the release, the moderation was primarily due to a more moderate increase in prices for housing and utilities.

Accordingly, the trend pointed down, with annual average inflation falling to 6.5% in July (June: 6.6%). Meanwhile, core inflation eased to 6.4% in July, down from the prior month’s 7.0%.

Finally, consumer prices increased 0.38% from the previous month in July, slowing down from the 0.62% increase recorded in June. July’s result marked the weakest reading since January.

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