Norway: Inflation increases to four-month high in October
November 10, 2015
In October, consumer prices rose 0.4% over the previous month, which was slightly below the 0.6% increase recorded in September but overshot market expectations of a 0.2% increase. According to Statistics Norway, the increase was mainly driven by higher prices for housing and utilities as well as for clothing and footwear, which more than offset lower prices for food and non-alcoholic beverages.
Inflation in October increased from September’s 2.1% to 2.5%, which marked the highest reading in four months. Annual average inflation inched up from 2.0% in September to 2.1% in October.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.2% over the previous month, which was down from the 0.8% increase observed in September. Annual core inflation came in at 3.0% in October, which was just below September’s reading of 3.1%.
Author: Robert Hill, Economist