Norway: Inflation hits another multi-year high in July
August 10, 2016
In July, consumer prices rose 0.6% over the previous month, which matched June’s reading and overshot market expectations of a 0.1% drop. According to Statistics Norway, higher prices for food and transportation were the main drivers behind the increase. Conversely, prices for accommodation services and clothing fell over the previous month.
Inflation jumped up from June’s 3.7% to 4.4% in July, pushing inflation to its highest level since October 2008. Annual average inflation in July inched up to 3.0% from June’s 2.8%.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.7% month-on-month in July, which was above June’s 0.3% rise. Core inflation increased from 3.0% in June to 3.7% in July.