Norway: Inflation accelerates in January from the prior month
Latest reading: Consumer prices rose 3.6% in annual terms in January, following a 3.2% increase in the prior month.
Relative to the prior month’s data, there were higher price pressures for housing and utilities (+4.3% on a year-on-year basis vs +3.9% in December), transportation (+4.4% vs +2.7% in December) and clothing and footwear (+0.7% vs -1.2% in December). In contrast, price pressures reduced for food and non-alcoholic beverages in January (+4.2% vs +5.3% in December).
Meanwhile, core consumer prices—Norges Bank’s preferred gauge of price pressures—were up 3.4% in annual terms in January, following a 3.2% increase in the previous month.
Finally, consumer prices increased 0.59% in January in month-on-month terms, following a 0.10% increase in the prior month.