Norway: Inflation stable in May
June 10, 2014
In May, consumer prices rose 0.1% over the previous month. The increase, which marked a deceleration over the 0.4% rise tallied in April, slightly overshot market expectations of no change. According to Statistics Norway, the monthly print mainly reflected much higher prices for food and non-alcoholic beverages.
Annual headline inflation stabilized at the previous month’s 1.8% in May, which is the lowest rate that has been recorded since March 2013. Annual average inflation was also stable at April’s 2.3% in May.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.2% in May (April: +0.6% month-on-month). Annual core inflation decreased slightly from 2.5% in April to 2.3% in May, which marked the lowest level in five months.