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Financial News: Norway Inflation Strongest Since 1988

Norway Inflation Strongest Since 1988

07/11/2022 - 05:50:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation accelerated at the fastest pace since late 1988 and producer prices continued to log strong growth on energy prices in June, Statistics Norway said Monday.

Consumer price inflation rose more-than-expected to 6.3 percent in June from 5.7 percent in May.

A similar high inflation was last reported in October 1988. Inflation was forecast to advance moderately to 5.9 percent in June.

The annual increase was driven by the 11.7 percent rise in transport cost and the 8.3 percent increase in housing, water, electricity, gas and other fuel costs. Food and non-alcoholic beverages prices gained 5.0 percent.

On a monthly basis, consumer prices moved up 0.9 percent in June, faster than the expected increase of 0.6 percent, data showed.

Core inflation that excludes energy prices and tax changes, accelerated to 3.6 percent in June from 3.4 percent in the previous month. The 3.6 percent was the highest since August 2020.

The EU harmonized inflation increased to 7.0 percent in June from 6.2 percent in May. Month-on-month, the harmonized index of consumer prices rose 1.1 percent.

In June, the central bank had raised its benchmark rate by 50 basis points to 1.25 percent.

The services-driven increase in the core inflation rate in June increases the chance that the Norges Bank will raise its policy rate by another 50 basis points at its August policy meeting, David Oxley, an economist at Capital Economics, said.

In a separate report, the statistical office said producer prices grew 7.2 percent on month in June, which means that PPI total is back to the same level it was before the fall in April 2022.

The price on extraction of oil and natural gas together climbed 14.4 percent in June. Problems with delivery of natural gas from Russia to Europe were a significant contributor to the price increase on natural gas.

On a yearly basis, producer prices advanced 68.8 percent in June, faster than the 64.6 percent surge in May.

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