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Financial News: Norway Inflation Slows Slightly; Producer Prices Fall Furt

Norway Inflation Slows Slightly; Producer Prices Fall Further

02/09/2024 - 05:33:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation eased marginally in January after remaining stable in the previous month, while producer prices continued to decline sharply, separate reports from Statistics Norway showed on Friday.

The consumer price index climbed 4.7 percent year-over-year in January, following a 4.8 percent gain in the previous month. Economists had expected inflation to ease to 4.6 percent.

Prices for food and non-alcoholic beverages alone surged 8.7 percent annually in January. Charges for recreation and culture were 7.2 percent more expensive.

On a monthly basis, consumer prices increased at a stable rate of 0.1 percent in January, in line with expectations.

Core inflation, which excludes energy prices and tax changes, eased to 5.3 percent in January from 5.5 percent in the previous month. The expected rate was 5.2 percent.

The EU harmonised inflation, which also slowed somewhat to 4.6 percent in January from 4.7 percent in December. Month-on-month, the harmonised index of consumer prices increased by 0.1 percent.

In a separate report, the statistical office said producer prices declined 12.9 percent annually in January versus a 25.6 percent plunge a month ago. Prices have been falling since January 2023.

Prices for extraction and related services decreased the most by 25.3 percent from last year.

On a monthly basis, producer prices dipped 3.2 percent in January after falling by 7.4 percent in the prior month.

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