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Financial News: Norway Inflation Eases Unexpectedly In August

Norway Inflation Eases Unexpectedly In August

09/09/2022 - 05:09:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation eased unexpectedly in August, and producer prices continued to log strong growth amid higher energy prices, data from Statistics Norway showed on Friday.

Consumer price inflation slowed to 6.5 percent in August from 6.8 percent in July, which was the highest rate of increase since 1988. Meanwhile, economists had forecast inflation to rise further to 7.1 percent.

The overall inflation in August was largely driven by a 10.3 rise in food and non-alcoholic beverages. This was closely followed by a 9.9 percent increase in transport costs.

Utility costs grew 6.8 percent and those for restaurants and hotels rose 9.3 percent.

On a monthly basis, consumer prices dropped 0.2 percent in August, in contrast to a 1.2 percent rise in July. Prices were expected to increase by 0.5 percent.

Core inflation, which excludes energy prices and tax changes, accelerated to 4.7 percent in August from 4.5 percent in the previous month. That was just below the expected rise of 4.8 percent.

The EU harmonized inflation slowed to 7.1 percent in August from 7.3 percent in July. Month-on-month, the harmonized index of consumer prices edged down 0.2 percent.

In a separate report, the statistical office said producer price inflation quickened further to 77.3 percent in August from 73.6 percent in July.

Prices for energy goods alone surged 145.6 percent and those for extraction and related services jumped 141.9 percent.

On a monthly basis, producer prices climbed 8.2 percent in August versus a 7.5 percent gain in the previous month.

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