Norway: Inflation eases in May from the prior month
Latest reading: Consumer prices increased 3.1% on a year-on-year basis in May, following a 3.4% rise in the prior month.
Relative to the prior month’s figures, there were reduced price pressures for housing and utilities (+2.8% in annual terms vs +3.6% in April) and food and non-alcoholic beverages (+3.4% vs +6.6% in April). In contrast, there were more notable price pressures for transportation (+2.6% vs +2.4% in April) and clothing and footwear (+1.8% vs +1.5% in April).
Meanwhile, core consumer prices—Norges Bank’s preferred gauge of price pressures—were up 3.4% in annual terms in May, following a 3.2% rise in the previous month.
Lastly, consumer prices increased 0.19% in May on a month-on-month basis, following a 0.39% increase in the prior month.