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Financial News: Norway Consumer Price Inflation Slows; Producer Prices Ris

Norway Consumer Price Inflation Slows; Producer Prices Rise

11/10/2021 - 02:59:00 (RTTNews)

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

The consumer price index rose 3.5 percent year-on-year in October, after a 4.1 percent increase in September. Economists had expected the inflation to rise 3.9 percent.

Prices for housing, water, electricity, gas and other fuels increased 12.1 percent yearly in October. Prices for restaurants and hotels, and recreation and culture gained by 4.4 percent and 2.5 percent, respectively.

Prices for health, and miscellaneous good and services rose by 2.6 percent and 2.3 percent, respectively.

The core inflation rate eased to 0.9 percent in October from 1.2 percent in September. Economists had forecast a rise of 1.2 percent.

On a month-on-month basis, consumer prices declined 0.3 percent in October, after a 1.0 percent rise in the prior month. Economists had forecast a 0.1 percent increase.

The core CPI decreased 0.3 percent monthly in October, after a 0.1 percent gain in the preceding month. Economists had expected a rise of 0.1 percent.

The EU measure of harmonized index of consumer prices, or HICP, rose 4.0 percent yearly in October, after a 4.8 percent increase in the prior month.

On a monthly basis, the HICP declined 0.4 percent in October, after 1.3 percent rise in the preceding month.

Separate data from the statistical office showed that the producer price index accelerated 60.8 percent annually in October, following a 57.8 percent increase in September.

On a monthly basis, producer prices rose 6.2 percent in October, after a 8.0 percent gain in the preceding month.

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