Norway: Inflation hits 14-month high in December
January 10, 2013
In December, consumer prices rose 0.3% over the previous month, which followed the 0.1% increase tallied in November. According to Statistics Norway, the monthly rise mainly reflected a strong increase in housing, water, electricity and fuel prices - in particular for electricity -, which totally offset a drop in food and non-alcoholic product prices. As a result, annual headline inflation rose from 1.1% in November to 1.4% in December, the highest rate observed since October 2011. In 2012, inflation averaged 0.8%, which was down from the 1.3% recorded in 2011.
In contrast, the core consumer price index, which excludes taxes, fees and energy prices, fell 0.1% in December (November: 0.0% year-on-year), driving annual core inflation down from 1.3% in November to 1.1%.