Financial News: Norway Inflation Lowest Since Jan 2021, Producer Prices

Norway Inflation Lowest Since Jan 2021, Producer Prices Fall Further

11/11/2024 - 04:06:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation eased to the lowest level in more than three-and-a-half years in October, while producer prices fell for the second straight month, separate reports from Statistics Norway showed on Monday.

The consumer price index rose 2.6 percent year-over-year in October, slower than the 3.0 percent gain in September.

Further, this was the lowest inflation since January 2021, when prices had risen 2.5 percent.

The annual price growth for housing and utilities softened to 4.5 percent from 5.1 percent in September. Health costs were 4.2 percent more expensive compared to 4.6 percent a month ago. Data showed that inflation based on food and non-alcoholic beverages eased slightly to 3.9 percent from 4.0 percent.

On a monthly basis, consumer prices rose 0.6 percent in October after rising 0.3 percent in September.

Core inflation, which excludes energy prices and tax changes, moderated to 2.7 percent in October from 3.1 percent in the previous month.

In a separate report, the statistical office said producer prices fell 3.5 percent annually in October, faster than the 2.9 percent decline in the prior month.

Energy prices plunged 10.4 percent annually in October, and those for extraction and related services slid by 8.5 percent.

Monthly, producer prices rebounded 4.6 percent versus a 1.9 percent decrease in September.

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