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Norway Inflation May 2022

Norway: Inflation comes in at highest level since our records began in May

Consumer prices rose 0.25% in May over the previous month, coming in below the 1.17% increase recorded in April. May’s result marked the weakest reading since January. The reading was driven by falling prices for housing and utilities and easing price pressures for food and non-alcoholic beverages. Moreover, prices for recreation and culture grew at a more subdued pace.

Inflation jumped to 5.7% in May from April’s 5.4%. May’s result marked the highest inflation rate since our current records began. Accordingly, the trend pointed up, with annual average inflation coming in at 4.2% in May (April: 3.9%). Finally, core inflation rose to 3.4% in May, from the previous month’s 2.6%.

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