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Norway Inflation October 2023

Norway: Inflation increases in October

Inflation accelerated to 4.0% in October, following September’s 3.3%. The print was double Norges Bank’s 2.0% inflation target and surpassed the Bank’s projections for the month. Looking at the details of the release, October’s pickup was driven by stronger price increases for food and non-alcoholic beverages. Moreover, prices for housing and utilities declined at a milder pace.

Nevertheless, the trend pointed down slightly, with annual average inflation coming in at 5.8% in October (September: 6.0%). Meanwhile, core inflation rose to 6.0% in October, from the previous month’s 5.7%.

Finally, consumer prices increased 1.00% over the previous month in October, swinging from September’s 0.08% fall. October’s result was the sharpest increase in prices since April.

October’s data was released a few days after Norges Bank held rates steady at its 1 November meeting. Headline inflation undershot the Bank’s estimates for October. Meanwhile, core inflation accelerated after it had steadily declined for three consecutive months. While the core inflation pickup was in line with Norges Bank’s forecasts, the Bank hinted in its 2 November communiqué at a final hike in its December meeting if core inflation failed to continue moderating. Consequently, October’s data seemingly confirms another rate increase when the Bank convenes next.

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