Inflation accelerates in September

Latest reading: Consumer prices increased 3.6% in annual terms in September, following a 3.5% rise in the prior month. Relative to the previous month's data, there were higher price pressures for transportation (+2.9% on a year-on-year basis vs +2.7% in August), food and non-alcoholic beverages (+6.3% vs +5.4% in August) and clothing and footwear (-2.1% vs -2.5% in August). In contrast, price pressures reduced for housing and utilities in September (+6.2% vs +6.3% in August). Meanwhile, core consumer prices—Norges Bank’s preferred gauge of price pressures—rose 3.0% in annual terms in September, following a 3.1% rise in the previous month. Finally, consumer prices were up 0.36% in September in month-on-month terms, following a 0.65% decline in the prior month.

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