September 13, 2023
Norway’s annual inflation rate fell to 4.8% in August 2023, down from 5.4% the previous month and below market expectations of 5.3%. This was the smallest growth since March of last year, with housing and utilities costs falling dramatically (-1% versus 2.7% in July) and communication costs mostly slowing (5.2% vs 7.5%) and furnishings, domestic equipment, and maintenance (8.8% vs 9.4%). In contrast, inflation increased for transportation (6.6% vs 4.3%), apparel and footwear (7.2% vs 4.1%), and food and non-alcoholic beverages (9% vs 8.9%). Meanwhile, the Consumer Price Index (CPI) adjusted for tax adjustments and excluding energy products increased by 6.3% year on year in August, following a 6.4% increase in July. On a monthly basis, consumer prices dropped by 0.8%, after a 0.4% rise in the prior month. Furthermore, the harmonised CPI went up by 4.9% on the year, the lowest in 17 months, compared to 5.6% in the previous month.
Source: Trading Economics
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