Norway: Inflation stabilizes in February
March 10, 2016
In February, consumer prices rose 0.5% over the previous month, which was below the 0.6% increase recorded in January and marked a slightly higher increase then the 0.4% markets had expected. According to Statistics Norway, food and non-alcoholic beverages recorded the strongest increase, while the housing, water, electricity, gas and other fuels component observed that sharpest decline.
Inflation in February was stable at January’s 3.1%, keeping inflation at the highest level since August 2013. Annual average inflation in February was 2.4%, up slightly from January’s reading of 2.3%.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increase 1.0% over the previous month, contrasting January’s 0.1% decrease. Core inflation came in at 3.4% in February, up from 3.0% in January. Core inflation had been generally steady between 2.9% and 3.1%, and February’s figure marks a record high for the series.
Author: Robert Hill, Economist