Norway: Inflation climbs in January
February 10, 2012
In January, consumer prices rose 0.08% over the previous month in seasonally adjusted terms, after remaining unchanged in December. According to Statistics Norway, the January reading was the result of higher prices for fuels and lubricants as well as for the maintenance and repair of personal transports, which were partially offset by lower electricity prices. Annual headline inflation increased from 0.2% in December to 0.5% in January, which overshot market expectations that had inflation inching up to 0.3%. The monthly figure broke a moderating trend in place since October 2011. Meanwhile, annual core inflation, which excludes taxes, fees and energy prices, stepped up from December's 1.0% to 1.3%, the highest rate since April 2011.