Norway Inflation

Inflation accelerates in July from the prior month

Latest reading: Consumer prices were up 3.0% on a year-on-year basis in July, following a 2.7% increase in the previous month. Relative to the prior month's figures, there were higher price pressures for housing and utilities (+4.6% on a year-on-year basis vs +3.4% in June), transportation (+2.6% vs +1.7% in June) and clothing and footwear (+2.9% vs +2.6% in June). In contrast, price pressures reduced for food and non-alcoholic beverages in July (+1.1% vs +2.3% in June). Meanwhile, core consumer prices—Norges Bank’s preferred gauge of price pressures—rose 2.7% on a year-on-year basis in July, stable from the prior month's reading. Finally, consumer prices increased 0.97% in July on a month-on-month basis, following a 0.19% decline in the previous month.

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