Norway: Inflation slows further in April
May 10, 2012
In April, consumer prices rose 0.1% over the previous month, which contrasted the 0.1% drop observed in March. According to Statistics Norway, the price increase was mainly the result of higher prices for recreation and culture as well as for clothing and footwear, which were partially offset by lower costs for food and non-alcoholic beverages. Annual headline inflation declined from 0.8% in March to 0.3% in April, which was below the 0.5% expected by the market and represented the lowest level observed so far this year. Meanwhile, the core inflation index, which excludes taxes, fees and energy prices, also rose 0.1% over the previous month, which was below March's plus 0.4%. On an annual basis, core inflation fell from March's 1.5% to 0.7%, undershooting market expectations of 1.0%.