Norway: Inflation holds steady at August's over one-and-a-half year high in September
October 10, 2018
Consumer prices rose 0.6% month-on-month in September, contrasting the 0.4% decrease in August. September’s reading was due to higher prices for clothing and footwear; education; and furnishings, household equipment and routine maintenance. On the other hand, lower prices for food and non-alcoholic beverages tamed the overall increase somewhat.
Inflation remained unchanged from August’s over one-and-a-half year high of 3.4% in September. As a result, inflation remained above Norges Bank’s target rate of 2.0% in September. Annual average inflation ticked up to 2.3% in September from 2.1% in August.
Core consumer prices—which are adjusted for tax changes and exclude energy prices—rose 0.5% month-on-month in September, contrasting August’s 0.5% fall. Core inflation remained at August’s 1.9% in September.
Author: Edward Gardner, Economist