Norway Inflation Climbs To 10-Month High

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(RTTNews) - Norway's consumer price inflation accelerated further in February to the highest level in nearly a year, Statistics Norway reported Monday.

The consumer price index registered an annual growth of 3.6 percent after rising 2.3 percent in January. The expected inflation rate was 2.8 percent.

Further, this was the highest inflation rate since April 2024, when prices had risen the same 3.6 percent.

Core inflation, which excludes energy prices and tax changes, rose to 3.4 percent from 2.8 percent in the previous month.

The annual price growth in food and non-alcoholic beverages accelerated to 7.5 percent from 5.0 percent. Similarly, housing and utilities grew at an accelerated pace of 5.1 percent versus a 2.0 percent gain in January. Inflation based on transportation increased somewhat to 1.7 percent from 1.3 percent.

On a monthly basis, consumer prices moved up 0.2 percent in January.

Another data point from the statistical office showed that producer price inflation surged to 23.3 percent in February from 18.1 percent in January. This was the highest since September 2022, when the rate was 52.3 percent.

Data showed that prices for electricity, gas, and steam grew sharply by 40.3 percent, closely followed by energy goods with 40.2 percent.