Norway: Inflation inches up in August
September 10, 2015
In August, consumer prices fell 0.1% over the previous month, which mirrored the 0.1% decrease recorded in July but overshot market expectations of a 0.3% decrease. The reading marked the lowest figure in a year. According to Statistics Norway, the decrease was mainly driven by a fall in the price of transportation, as a result of lower prices for fuels.
Inflation in August increased from July’s 1.8% to 2.0%. Annual average inflation in August eased slightly from July’s 2.1% to 2.0%.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, decreased 0.2% over the previous month, which was below the flat growth recorded in July. Annual core inflation came in at 2.9% in August, which was up from July’s reading of 2.6%.
Author: Robert Hill, Economist