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Financial News: Norway Consumer Price Inflation Accelerates

Norway Consumer Price Inflation Accelerates

11/10/2020 - 04:38:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation rose in October, data from Statistics Norway showed on Tuesday.

The consumer price index rose 1.7 percent year-on-year in October, following a 1.6 percent increase in September. This was in line with economist' expectations.

Prices for furnishings, household equipment and routine maintenance grew 9.4 percent yearly in October and those of recreation and culture cost gained 4.3 percent.

Prices for miscellaneous goods and services, and food and non-alcoholic beverages rose 4.2 percent each. Prices for alcoholic beverages and tobacco increased 2.5 percent.

The core inflation rate rose to 3.4 percent in October from 3.3 percent in the preceding month. This was also in line with economists' expectations.

On a month-on-month basis, consumer prices rose 0.3 percent in October, after a 0.4 percent increase in the prior month.

The core CPI rose 0.1 percent monthly in October, after remaining unchanged in the preceding month, in line with economists' expectation.

The EU measure of harmonized index of consumer prices, or HICP, rose 1.7 percent yearly in October, after a 1.4 percent increase in the prior month.

On a monthly basis, the HICP rose 0.4 percent in October, same as seen in the preceding month.

Separate data from the statistical office showed that the producer price index declined 6.0 percent annually in October, following a 9.6 percent decrease in September.

On a monthly basis, producer prices rose 4.1 percent in October, following a 2.8 percent increase in the preceding month.

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