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Financial News: Norway Inflation Slows In July

Norway Inflation Slows In July

08/10/2020 - 06:45:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation eased in July, data from Statistics Norway showed on Monday.

The consumer price index rose 1.3 percent year-on-year in July, after a 1.4 percent increase in June. Economists had expected the inflation rate to remain unchanged.

Prices for furnishings, household equipment and routine maintenance grew 7.5 percent yearly in July. Communication cost gained 5.1 percent and those of miscellaneous goods and services rose 4.2 percent.

Prices for alcoholic beverages and tobacco rose 2.9 percent. Prices for food and non-alcoholic beverages, and clothing and footwear increased by 2.2 percent and 2.1 percent.

The core inflation rate rose to 3.5 percent in July from 3.1 percent in the preceding month. Economists had expected a rate of 3.0 percent.

On a month-on-month basis, consumer prices rose 0.7 percent in July, following a 0.2 percent increase in the prior month.

The core CPI rose 0.9 percent monthly in July, following a 0.6 percent increase in the preceding month.

The EU measure of harmonized index of consumer prices, or HICP rose 1.4 percent yearly in July, following a 1.3 percent increase in the prior month.

On a monthly basis, HICP rose 0.8 percent in July, following a 0.3 percent increase in the preceding month.

Separate data from the statistical office showed that the producer price index declined 13.3 percent annually in July, following a 14.4 percent decrease in June.

On a monthly basis, producer prices remained unchanged in July, after a 1.3 percent decrease in the preceding month.

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