Norway: Inflation accelerates in February
Consumer prices increased 0.9% month-on-month in February—above market expectations of a 0.7% rise and marking the biggest increase in more than five years. According to Statistics Norway, consumer prices rose because food and non-alcoholic beverages became more expensive, as did furnishings, household equipment and routine maintenance. On the other hand, prices for clothing and footwear were lower in February than in the previous month.
Inflation accelerated to a ten-month high of 2.2% in February from 1.6% in January. This was above market expectations of 1.8% and an advancement towards the Central Bank’s target of 2.5%. Annual average inflation held steady at January’s 1.8%.
Core consumer prices—which is adjusted for tax changes and excludes energy prices—increased 0.8% month-on-month in February, a contrast to the 0.8% decrease in January. Core inflation, meanwhile, accelerated to 1.4% from January’s 1.1%.