Norway: Inflation slows in October
Latest reading: Consumer prices increased 3.1% in annual terms in October, following a 3.6% rise in the prior month.
Relative to the previous month’s figures, there were milder price pressures for housing and utilities (+3.1% on a year-on-year basis vs +6.2% in September) and food and non-alcoholic beverages (+6.2% vs +6.3% in September). In contrast, there were more notable price pressures for transportation (+3.0% vs +2.9% in September) and clothing and footwear (-1.5% vs -2.1% in September).
Meanwhile, core consumer prices—Norges Bank’s preferred gauge of price pressures—increased 3.4% on a year-on-year basis in October, following a 3.0% increase in the previous month.
Lastly, consumer prices were up 0.14% in October on a month-on-month basis, following a 0.36% rise in the previous month.