Norway: Inflation moderates in October
Consumer prices fell 0.2% month-on-month in October, contrasting the 0.6% gain in September. October’s reading was primarily due to cheaper food and non-alcoholic beverages. On the other hand, clothing and footwear were notably more expensive in October compared to the previous month.
Inflation moderated to 3.1% in October from 3.4% in September, representing a three-month low. Lower prices for clothing and footwear weighed on the headline print. Despite the moderation, inflation remained above Norges Bank’s target rate of 2.0% in October. Annual average inflation ticked up to 2.4% in October from 2.3% in September.
Core consumer prices—which are adjusted for tax changes and exclude energy prices—were flat from the previous month in October, contrasting the 0.5% increase in September. Core inflation undershot market analysts’ expectations of 1.8% in October by falling to 1.6%, down from 1.9% in September.