Norway: Inflation hits highest level since January
June 10, 2020
Consumer prices increased 0.18% from the previous month in May, which was below the 0.45% rise seen in April. Looking at the details of the release, the softer increase was driven by declining food prices and slower rises for recreation and culture, and transport costs. However, an uptick in housing and utility, and clothing and footwear prices tempered the overall slowdown.
Inflation came in at 1.3% in May, above April’s 0.8% and marking the highest rate since January. Meanwhile, annual average inflation edged down to 1.4% in May (April: 1.5%). Lastly, core inflation rose to 3.0% from April’s 2.8%.