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Norway’s October inflation reaches 3.6 per cent

Norway’s consumer prices rose 3.6 per cent over the year to October and 0.3 per cent from September. The underlying measure, adjusted for tax changes and excluding energy, recorded a smaller annual increase. Housing and transport prices rose, while food and non-alcoholic beverages became cheaper during the month. Services remained more expensive than a year earlier.

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Diners having meals and non-alcoholic beverages inside a bright Oslo restaurant overlooking residential apartment buildings and street traffic.

Headline and underlying inflation differ

Norway’s consumer prices were 3.6 per cent higher in October than a year earlier. The annual increase was 2.7 per cent for the underlying measure that adjusts for tax changes and excludes energy products. The two indicators cover different components of the same national price release.[1], [2]

Statistics Norway, the country’s national statistics agency, recorded a 0.3 per cent increase from September in both headline prices and the tax-adjusted measure excluding energy. Adjusting for tax changes alone, while retaining energy products, gave monthly readings of 0.4 per cent and annual growth of 5.1 per cent.[1]

Housing and transport prices increase

Housing, water, electricity, gas and other fuels rose 0.5 per cent from September and 5.1 per cent over the year. Transport prices increased 0.9 per cent monthly and 5.4 per cent annually. Restaurants and accommodation services were 6.1 per cent more expensive than a year earlier. Insurance and financial services rose 6.4 per cent, while education services increased 4.3 per cent.[1]

Food prices fall during the month

Food and non-alcoholic beverages fell 0.4 per cent during the month but rose 1.4 per cent annually. Clothing and footwear also became cheaper over the month, declining 0.9 per cent. Information and communication prices dropped 0.4 per cent monthly and 0.6 per cent annually. Services rose 4.1 per cent over the year and consumer goods increased 2.8 per cent.[1]

References

  1. News sourceStatistics NorwayNorway’s October underlying inflation is 2.7%↩1↩2↩3↩4
  2. News sourceRTTNewsNorway’s October inflation rises to 3.6 per cent↩
Central banks and the rate cycleEnergy transition and climate

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