Inflation rises in August

Latest reading: Consumer prices rose 3.5% in annual terms in August, following a 3.3% increase in the previous month. August’s result marked the highest inflation rate in six months and was well above Norges Bank’s 2.0% inflation target. Relative to the prior month's data, there were higher price pressures for housing and utilities (+6.3% year on year vs +4.4% in July), transportation (+2.7% vs +2.4% in July) and clothing and footwear (-2.5% vs -3.1% in July). In contrast, price pressures reduced for food and non-alcoholic beverages in August (+5.4% vs +5.9% in July). Meanwhile, core consumer prices—Norges Bank’s preferred gauge of price pressures—increased 3.1% in annual terms for the third month running in August. The result was in line with the Central Bank’s projection and overshot market expectations. Lastly, consumer prices fell 0.65% in August on a month-on-month basis, following a 0.80% rise in the prior month.

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