Financial News: Norway Inflation Slows Marginally; PPI Falls

Norway Inflation Slows Marginally; PPI Falls

05/10/2023 - 08:59:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation slowed slightly in April and producer prices declined sharply on falling energy and extraction costs, data from Statistics Norway revealed Wednesday.

Consumer prices increased 6.4 percent on a yearly basis in April after rising 6.5 percent in March. However, the rate was well above economists' forecast of 6.1 percent.

Meanwhile, core inflation rose unexpectedly to 6.3 percent from 6.2 percent. Economists had forecast the core rate to weaken to 6.1 percent. On a monthly basis, overall consumer price growth accelerated to 1.1 percent from 0.8 percent, while economists expected the monthly inflation to slow to 0.7 percent.

Food and non-alcoholic beverages prices and furnishing and household equipment costs provided stronger contribution to the overall inflation.

Separate data from Statistics Norway showed that producer prices plunged 15.3 percent from a year ago in April but slower than the 21.9 percent decline in March. Economists had forecast the annual decrease to deepen to 27.3 percent. Energy goods prices logged an annual fall of 27.1 percent and cost of extraction and related services declined 29.1 percent.

Month-on-month, producer prices posted a monthly growth of 0.8 percent, in contrast to the 3.5 percent decline in March.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Ireland GDP Shrinks 4.6% In Q1 (33 min(s), 53 sec(s) ago)
(RTTNews) - Ireland's economy contracted more than initially estimated in the first quarter of ...Full Story»

U.S. Employment Surges In May But Unemployment Rate Climbs (47 min(s), 07 sec(s) ago)
(RTTNews) - The Labor Department released its closely watched monthly jobs report on Friday, showi ...Full Story»

U.S. Employment Surges Much More Than Expected In May (02 hr(s), 06 min(s), 07 sec(s) ago)
(RTTNews) - The Labor Department released its closely watched monthly jobs report on Friday, showi ...Full Story»

Slovenia Exports Drop In April (03 hr(s), 32 min(s), 07 sec(s) ago)
(RTTNews) - Slovenia trade balance registered a deficit in April as imports and exports value went ...Full Story»

Spain Unemployment Falls More Than Expected (03 hr(s), 44 min(s), 07 sec(s) ago)
(RTTNews) - Spain's unemployment declined notably in May to the lowest level for the month sin ...Full Story»

Georgia Inflation Eases Further In May (04 hr(s), 37 min(s), 07 sec(s) ago)
(RTTNews) - Georgia's consumer price inflation eased for the eighth successive month in May, t ...Full Story»

Austria GDP Growth Eases Less Than Estimated (06 hr(s), 24 min(s), 07 sec(s) ago)
(RTTNews) - Austrian economic growth moderated less than initially estimated in the first quarter, ...Full Story»

French Industrial Production Recovers In April (06 hr(s), 32 min(s), 07 sec(s) ago)
(RTTNews) - France's industrial production rebounded in April with the sharp recovery in petro ...Full Story»