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Financial News: Norway Consumer Price Inflation Falls To 5.9%; Producer

Norway Consumer Price Inflation Falls To 5.9%; Producer Prices Rise At Slower Rate

01/10/2023 - 08:59:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation eased more than expected in December and producer prices increased at a softer rate, separate reports from Statistics Norway showed on Tuesday.

Consumer price inflation slowed to 5.9 percent in December from 6.5 percent in November. Economists had forecast inflation to moderate to 6.1 percent.

Prices for food and non-alcoholic beverages logged a double-digit growth of 11.5 percent annually in December. Prices for furnishings, household equipment, and routine maintenance grew 9.5 percent, and those of transport increased by 7.8 percent.

Prices for recreation and culture climbed 7.1 percent in December. Prices for alcoholic beverages and tobacco, and communication advanced by 5.3 percent and 5.2 percent, respectively.

On a monthly basis, consumer prices edged up 0.1 percent in December, after a 0.2 percent fall in the previous month. Prices were expected to rise by 0.3 percent.

Core inflation, which excludes energy prices and tax changes, rose to 5.8 percent in December from 5.7 percent in the previous month. Economists had expected the inflation to remain unchanged at 5.7 percent.

Compared to the previous month, the core CPI increased by 0.4 percent in December. Economists had forecast a rise of 0.2 percent.

The EU harmonized inflation softened to 6.3 percent in December from 7.3 percent in November. Monthly, the harmonized index of consumer prices, or HICP, fell 0.1 percent.

In 2022, inflation accelerated to 5.8 percent from 3.5 percent in 2021.

In a separate report, the statistical office said producer price inflation eased to 18.7 percent in December from 22.3 percent in the preceding month.

The overall inflation in December was largely driven by a 34.0 percent price growth in electricity, gas, and steam.

On a month-on-month basis, producer prices rose 4.9 percent in December, after a 5.2 percent growth in the prior month.

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