Norway: Inflation slows in July
August 10, 2012
In July, consumer prices fell 0.5% over the previous month, which mirrored the result tallied in June. According to Statistics Norway, the print mainly reflected lower prices for clothing and footwear as well as for housing, water, electricity and fuels. As a result of monthly drop, annual headline inflation fell from 0.5% in June to 0.2% in July, which represents the lowest level since December last year. Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices was unchanged over the previous month, which was above the 0.3% drop observed in June. On an annual basis, core inflation inched up from 1.2% in June to 1.3% in July.
Author: Ricardo Aceves, Senior Economist