Norway Inflation (Core, ann. var. %, aop)

Inflation slides in February

Inflation eased to 6.3% in February below January’s 7.0%. Despite the downtick, inflation remained well above Norges Bank’s 2.0% target. Looking at the details of the release, February’s moderation was chiefly due to prices for housing and utilities increasing at a softer pace. Moreover, prices for transportation grew at a softer rate.

Nevertheless, the trend pointed up slightly, with annual average inflation coming in at 6.3% in February (January: 6.1%). Meanwhile, core inflation fell to 5.9% in February, from the previous month’s 6.4%.

Lastly, consumer prices rose 0.40% in February over the previous month, picking up from January’s 0.16% rise. February’s uptick marked the sharpest increase in prices since September 2022.