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Financial News: Norway Inflation At 35-Year High; PPI Inflation Eases

Norway Inflation At 35-Year High; PPI Inflation Eases Sharply

11/10/2022 - 04:11:00 (RTTNews)

(RTTNews) - Norway's consumer price inflation accelerated more-than-expected in October to reach its highest level in thirty-five years, while producer price inflation eased sharply to the lowest level in one-and-a-half years, separate reports from Statistics Norway showed on Thursday.

Consumer price inflation rose to 7.5 percent in October from 6.9 percent in September. Economists had forecast inflation to increase to 7.1 percent.

Moreover, this was the highest inflation rate since October 1987, when prices had risen 7.6 percent.

Prices for food and non-alcoholic beverages alone surged 13.1 percent annually in October. This was followed by a 10.8 percent rise in transport costs.

Utility costs were 7.2 percent more expensive compared to last year, and those for restaurants and hotels rose 8.0 percent.

On a monthly basis, consumer prices moved up 0.3 percent in October, following a 1.4 percent gain in September. Meanwhile, prices were expected to fall by 0.2 percent.

Core inflation, which excludes energy prices and tax changes, accelerated to 5.9 percent in October from 5.3 percent in the previous month. That was also above the expected rise of 5.5 percent.

The EU harmonized inflation increased to 8.4 percent in October from 7.7 percent in September. Month-on-month, the harmonized index of consumer prices moved up 0.3 percent.

In a separate report, the statistical office said producer price inflation eased notably to an 18-month low of 19.8 percent in October from 52.4 percent in September.

The easing trend in PPI inflation was mainly due to a deceleration in the price growth of energy goods, which grew 21.3 percent in October versus 87.4 percent in September.

On a monthly basis, producer prices plunged 16.5 percent in October, after falling 7.2 percent in the prior month.

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