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Financial News: Norway Inflation Highest Since December 1988

Norway Inflation Highest Since December 1988

06/10/2022 - 04:55:00 (RTTNews)

(RTTNews) - Norway's consumer prices inflation accelerated at a faster-than-expected pace in May to reach its highest level in nearly thirty-three-and-a-half years, while producer price inflation eased further, data from Statistics Norway showed on Friday.

Consumer prices climbed 5.7 percent year-over-year in May, faster than the 5.4 percent rise in April. Economists had expected inflation to increase to 5.6 percent.

Moreover, this was the highest inflation rate since December 1988, when prices had grown the same 5.7 percent.

The recent upturn in inflation was largely driven by a 9.4 percent surge in transport costs. Charges for furnishings, household equipment and routine maintenance grew 8.9 percent and those for utilities registered an increase of 8.0 percent.

Core inflation also accelerated to 3.4 percent in May from 2.6 percent in the prior month. The expected increase was 3.1 percent.

On a monthly basis, consumer prices edged up 0.2 percent in May, following a 1.2 percent gain in April. It was forecast to remain flat during the month.

Compared to the previous month, core consumer prices increased 0.4 percent from April, when it rose by 0.9 percent. The expected rate of growth was 0.1 percent.

The EU measure of harmonized index of consumer prices, or HICP, climbed 6.2 percent annually in May, after a 5.9 percent rise in April.

On a month-on-month basis, the HICP went up 0.2 percent in May, after a 1.5 percent increase in the preceding month.

Another report from the statistical office showed that producer price inflation slowed for the second straight month to 64.6 percent in May from 66.4 percent in April.

On a monthly basis, producer prices rebounded 1.7 percent in May, following a 7.2 percent fall in the previous month.

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