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Norway Inflation May 2023

Norway: Inflation rises in May

Inflation came in at 6.7% in May, up from April’s 6.4%. Looking at the details of the release, May’s reading was affected by prices for housing and utilities rising at a faster rate in May. However, prices for transportation grew at a more moderate rate. Moreover, prices for recreation and culture grew at a more subdued pace.

The trend pointed up mildly, with annual average inflation coming in at 6.6% in May (April: 6.5%). Meanwhile, core inflation rose to 6.7% in May, from April’s 6.3%.

Lastly, consumer prices increased 0.47% in May over the previous month, moderating from April’s 1.10% rise. May’s result marked the weakest reading since February.

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