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Norway Inflation March 2023

Norway: Inflation rises in March

Inflation came in at 6.5% in March, which was up from February’s 6.3%, moving further above Norges Bank’s 2.0% target. Looking at the details of the release, the acceleration was driven by prices for housing and utilities rising at a stronger pace. This more than offset prices for food and for transport increasing at slower paces.

Accordingly, the trend pointed up slightly, with annual average inflation coming in at 6.5% in March (February: 6.3%). Meanwhile, core inflation rose to 6.2% in March, from the previous month’s 5.9%.

Finally, consumer prices rose 0.79% from the previous month in March, picking up from the 0.40% rise recorded in February. March’s uptick marked the sharpest increase in prices since September 2022.

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