Inflation accelerates to five-month high in July

Latest reading: Inflation came in at 3.3% in July, up from June’s 3.0%. July's result marked the highest inflation rate since February and overshot both market and Norges Bank projections. Looking at the details of the release, the acceleration was broad-based, with greater price pressures recorded for housing and utilities, transportation, and food and non-alcoholic beverages. Accordingly, the trend pointed up, with annual average inflation rising to 2.8% in July (June: 2.7%). Meanwhile, core inflation—Norges Bank’s preferred gauge of price pressures—was stable, coming in at June's 3.1% in July. July’s result was in line with Norges Bank’s projections, but marginally topped market expectations. Finally, consumer prices increased 0.80% over the previous month in July, accelerating from the 0.22% rise logged in June. July's figure was the highest reading since February.

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