Norway: Inflation slows in May
June 11, 2019
Consumer prices fell 0.3% in May, contrasting the 0.4% increase logged in April. The fall was due to lower prices for transport, and food and non-alcoholic beverages. On the other hand, prices for clothing and footwear rose at a brisk pace.
Inflation slowed to 2.5% in May from April’s 2.9%, undershooting market analysts’ expectations of 2.9% and closing in on Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation remained unchanged at April’s 3.1%.
Core consumer prices—which are adjusted for tax changes and exclude energy prices—decreased 0.2% in May compared to the previous month, contrasting the 0.5% increase in April. Core inflation slowed to 2.3% in May from 2.6% in April, undershooting market analysts’ expectations of 2.6%.
Author: Edward Gardner, Economist