Norway: Inflation increases to 35-year high in October
November 10, 2022
Inflation continued its upward trend in October, coming in at 7.5%, up from September’s 6.9%. October's reading marked the highest inflation rate since 1987, and surprised markets on the upside; they had penciled in a 7.1% inflation rate. Looking at the details of the release, prices for housing and utilities rose at a faster rate in October. This more than offset prices for transportation grew at a slower rate.
Consequently, the trend pointed up; annual average inflation rose to 5.6% in October (September: 5.3%). Meanwhile, core inflation rose to 5.9% in October, from the previous month’s 5.3%.
Lastly, consumer prices increased 0.32% in October over the previous month, below September's 1.37% rise.