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Norway Inflation September 2023

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

Inflation dropped to 3.3% in September, following August’s 4.8%. September’s figure represented the weakest inflation rate since January 2022. Despite the downtick, the reading was still markedly above Norges Bank’s 2.0% target. Looking at the details of the release, prices for housing and utilities fell year on year in September, and prices for transportation grew at a slower rate.

Accordingly, the trend pointed down, with annual average inflation coming in at 6.0% in September (August: 6.4%). Meanwhile, core inflation fell to 5.7% in September, from August’s 6.3%.

Lastly, consumer prices fell 0.08% in September over the previous month, following the 0.76% fall recorded in August.

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