Norway: Inflation holds steady in July at close to the Central Bank’s target
Consumer prices jumped 0.7% in July, up from June’s 0.1% increase. The rise was primarily due to higher food and transport prices.
Inflation was stable at June’s 1.9% in July, remaining below the Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation inched down to 2.9% in July from 3.0% in June.
Looking ahead, inflation is projected to remain close to the Norges Bank’s target range, kept in check by a base effect and a tighter monetary stance. However, robust economic activity and a tight labor market should prop up price pressures.