Financial News: Norway Inflation Eases Unexpectedly, Producer Prices Rise

Norway Inflation Eases Unexpectedly, Producer Prices Rise Further

09/10/2024 - 06:23:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation eased somewhat in August, while producer prices rose for the fourth straight month, separate reports from Statistics Norway showed on Tuesday.

The consumer price index rose 2.6 percent year-over-year in August, slightly slower than the 2.8 percent gain in July. Meanwhile, economists had expected inflation to rise to 3.5 percent.

The annual price growth for food and non-alcoholic beverages moderated to 4.5 percent from 4.9 percent in July. Similarly, clothing and footwear prices rose at a weaker rate of 1.3 percent versus 2.9 percent a month ago. Meanwhile, housing and utility costs grew at a faster rate of 2.3 percent.

On a monthly basis, consumer prices dropped 0.9 percent in August after rising 0.5 percent in July.

Core inflation, which excludes energy prices and tax changes, also eased slightly to 3.2 percent in August from 3.3 percent in the previous month.

In a separate report, the statistical office said producer prices rose 3.6 percent annually in August, slower than the 6.5 rise a month ago. The expeccted rate was 8.3 percent.

The annual price growth in energy eased notably to 1.8 percent from 8.5 percent, which largely influenced the easing trend in overall producer prices.

Prices for extraction and related services climbed 4.3 percent, while utility costs slumped by 27.9 percent.

On a monthly basis, producer prices rose 1.9 percent in August, following a 0.1 percent slight rise in July.

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