Financial News: Norway Inflation Slows To 7-Month Low, Producer Prices

Norway Inflation Slows To 7-Month Low, Producer Prices Fall Further

05/10/2024 - 03:45:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation eased for the fourth straight month in April to the lowest level in seven months, while producer prices continued their declining trend, separate reports from Statistics Norway showed on Friday.

The consumer price index rose 3.6 percent year-over-year in April, slower than the 3.9 percent gain in the previous month. Economists had expected inflation to moderate to 3.4 percent.

Moreover, this was the weakest inflation since September 2023, when prices had risen 3.3 percent.

The annual price growth for utilities eased to 2.0 percent from 2.5 percent in March. Costs for recreation and culture also moderated to 7.5 percent from 8.0 percent. Meanwhile, prices for food and non-alcoholic beverages grew at a faster rate of 6.8 percent versus 6.0 percent a month ago.

On a monthly basis, consumer prices increased 0.8 percent in April after rising 0.2 percent in March.

Core inflation, which excludes energy prices and tax changes, eased slightly to 4.4 percent in April from 4.5 percent in the previous month. The expected inflation rate was 4.3 percent.

In a separate report, the statistical office said producer prices declined 4.5 percent annually in April versus a 6.9 percent plunge a month ago. Prices have been falling since February 2023.

Prices for energy goods decreased the most by 10.6 percent from last year.

On a monthly basis, producer prices increased 3.4 percent in April, faster than the 2.7 percent gain in March.

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