Inflation hits two-year high in March

Latest reading: Consumer prices rose 3.6% in annual terms in March, following a 2.7% increase in the previous month. March's reading was the joint-strongest since March 2024 and largely in line with market projections. March’s jump reflected a sharp increase in fuel prices following the outbreak of the war in the Middle East in late February. Relative to the prior month's figures, there were higher price pressures for housing and utilities (+4.9% in annual terms vs +2.2% in February) and transportation (+4.2% vs +3.2% in February). In contrast, there were milder price pressures for food and non-alcoholic beverages (+1.6% vs +3.3% in February) and clothing and footwear (+1.4% vs +1.8% in February). Meanwhile, core consumer prices—Norges Bank’s preferred gauge of price pressures—were up 3.0% in annual terms in March, stable from the previous month's reading and in line with the Bank’s expectations. March’s reading reflected lower prices for food due to the timing of this year’s Easter holidays. Finally, consumer prices were up 0.20% in March on a month-on-month basis, following a 0.59% increase in the previous month.

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