Inflation falls to over one-year low in July
Inflation came in at 5.4% in July, down from June’s 6.4%. July’s reading represented the weakest inflation rate since April 2022. Despite the downtick, the reading still more than doubled Norges Bank’s 2.0% target. Looking at the details of the release, the moderation was primarily due to a more moderate increase in prices for housing and utilities.
Accordingly, the trend pointed down, with annual average inflation falling to 6.5% in July (June: 6.6%). Meanwhile, core inflation eased to 6.4% in July, down from the prior month’s 7.0%.
Finally, consumer prices increased 0.38% from the previous month in July, slowing down from the 0.62% increase recorded in June. July’s result marked the weakest reading since January.
Norway Inflation Chart
Norway Inflation Data
|Inflation (CPI, ann. var. %, aop)||2.8||2.2||1.3||3.5||5.8|
|Inflation (CPI, ann. var. %, eop)||3.5||1.4||1.4||5.3||5.9|
|Inflation (HICP, ann. var. %, aop)||3.0||2.3||1.2||3.9||6.2|
|Inflation (Core, ann. var. %, aop)||1.5||2.2||3.0||1.7||3.9|
|Inflation (PPI, ann. var. %, aop)||14.8||-3.6||-10.2||37.8||51.9|