Financial News: Norway Inflation Eases To 34-Month Low, Producer Prices

Norway Inflation Eases To 34-Month Low, Producer Prices Rise

06/10/2024 - 04:49:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation eased further in May to the lowest level in nearly three years, while producer prices increased for the first time in sixteen months, separate reports from Statistics Norway showed on Monday.

The consumer price index rose 3.0 percent year-over-year in May, slower than the 3.6 percent gain in the previous month.

Moreover, this was the weakest inflation since July 2021, when prices had risen the same 3.0 percent.

The annual price growth for utilities eased to 0.1 percent from 2.0 percent in April. Similarly, prices for food and non-alcoholic beverages grew at a slower rate of 5.4 percent versus 6.8 percent a month ago.

On a monthly basis, consumer prices dropped 0.1 percent in May after rising 0.8 percent in April.

Core inflation, which excludes energy prices and tax changes, eased to 4.1 percent in May from 4.4 percent in the previous month.

In a separate report, the statistical office said producer prices rose 3.2 percent annually in May versus a 4.5 percent decline a month ago amid a rebound in energy costs. Moreover, this was the first increase since January 2023.

Prices for energy goods grew 2.5 percent annually, which fell 10.6 percent in April. Prices for extraction and related services climbed 5.4 percent, while utility costs slumped by 22.1 percent.

On a monthly basis, producer prices dropped 0.9 percent in May, reversing a 3.4 percent gain in April.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Atlanta Fed Sees U.S. Q3 GDP Growth At 2.8% (27 min(s), 18 sec(s) ago)
(RTTNews) - The Atlanta Fed released its initial estimate for the third quarter growth based on it ...Full Story»

U.S. Consumer Sentiment Index Dips Slightly Less Than Previously Estimated In July (36 min(s), 18 sec(s) ago)
(RTTNews) - The University of Michigan released revised data on Friday showing consumer sentiment ...Full Story»

U.S. Consumer Prices Inch Up 0.1% In June, In Line With Estimates (39 min(s), 18 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept up in line with economist estimates in the month of ...Full Story»

Spain Jobless Rate Lowest Since 2008 (25 min(s), 18 sec(s) ago)
(RTTNews) - Spain's unemployment rate fell to the lowest level in nearly 16 years in the secon ...Full Story»

Denmark Retail Sales Fall 0.1% (17 min(s), 18 sec(s) ago)
(RTTNews) - Danish retail sales decreased slightly in June after recovering in the previous month, ...Full Story»

Hungary Jobless Rate Falls To 4.3% (01 min(s), 18 sec(s) ago)
(RTTNews) - Hungary's unemployment rate decreased slightly during the April-June period, data ...Full Story»

U.S. PCE Price Index Inches Higher In June, Annual Growth Slows To 2.5% (52 min(s), 18 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept up in line with economist estimates in the month of ...Full Story»

Russia Central Bank Hikes Rate By 200 Bps (39 min(s), 18 sec(s) ago)
(RTTNews) - Russia's central bank raised its benchmark rate by 200 basis points on Friday amid ...Full Story»