Norway: Inflation ticks up in May
June 11, 2012
In May, consumer prices remained flat over the previous month, which contrasted the 0.1% rise observed in April. According to Statistics Norway, the subdued reading reflected how a rise in prices for food and non-alcoholic beverages as well as for household equipment was offset by lower costs for clothing and footwear as well as for utilities. Despite the flat reading, annual headline inflation increased from 0.3% in April to 0.5% in May. Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.4% over the previous month, which was above April's 0.1% increase. On an annual basis, core inflation jumped from April's 0.7% to 1.4%, overshooting market expectations of 1.1%.