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Financial News: Norway Inflation Highest In 5 Months

Norway Inflation Highest In 5 Months

07/10/2020 - 07:37:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation rose to the highest level in five months in June on clothing and fuel prices, data from Statistics Norway showed on Friday.

The consumer price index rose 1.4 percent year-on-year in June, following a 1.3 percent increase in May. This was in line with economists' expectations.

The latest inflation was the highest since January, when it was 1.8 percent.

The increase was largely driven by a 1.3 percent rise in clothing prices and a 3.1 percent growth in prices of fuels and lubricants.

The monetary policy target is annual consumer price inflation of close to 2 percent over time.

Previous falls in the krone will ensure that inflation stays above the Norges Bank's target throughout the second half of the year, David Oxley, an economist at Capital Economics, said. Nonetheless, this effect will fade in early-2021 and policymakers will be in no rush to raise interest rates, the economist added.

The core inflation rate rose to 3.1 percent in June from 3.0 percent in the preceding month. Economists had expected the rate to remain unchanged at 3.0 percent.

On a month-on-month basis, consumer prices rose 0.2 percent in June, the same as seen in the prior month. Economists had expected a 0.3 percent rise.

The core CPI rose 0.4 percent monthly in June, following a 0.1 percent increase in the preceding month. Economists had forecast a 0.5 percent increase.

The EU measure of harmonized index of consumer prices, or HICP rose 1.3 percent yearly in June, following a 1.1 percent increase in the prior month.

On a monthly basis, HICP rose 0.3 percent in June, following a 0.2 percent increase in the preceding month.

Separate data from the statistical office showed that the producer price index declined 14.4 percent annually in June, following a 17.5 percent decrease in May.

On a monthly basis, producer prices fell 1.3 percent in June, following a 2.7 percent decrease in the preceding month.

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