Norway: Inflation increases to multi-year high in November
December 11, 2015
In November, consumer prices rose 0.4% over the previous month, which was in line with the 0.4% increase recorded in October but overshot market expectations of a 0.2% increase. According to Statistics Norway, the increase was mainly driven by higher prices for food and non-alcoholic beverages, as well as prices for housing, water, electricity, gas and other fuels.
Inflation in November increased from October’s 2.5% to 2.8%, which marked the highest reading in since September 2013. Annual average inflation inched up from 2.1% in October to 2.2% in November.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.2% over the previous month, which was in line with last month’s reading. Annual core inflation came in at 3.1% in November, which was just above October’s reading of 3.0%.
Author: Robert Hill, Economist