Norway Inflation Rate Misses Forecasts

The annual consumer inflation rate in Norway edged down to 2.6% in August 2024 from 2.8% in the previous month, missing the market forecasts of 3.5% increase.

Prices eased for food and non-alcoholic beverages (4.5% vs 4.9% in July), transport (1% vs 2.2%), alcoholic beverages and tobacco (4.2% vs 4.3%), clothing and footwear (1.3% vs 2.9%), restaurants and hotels (3.1% vs 3.6%), and miscellaneous goods and services (0.2% vs 2.9%).

Meanwhile, prices increased at a faster pace for housing and utilities (2.3% vs 1.6%) and furnishings, household equipment and routine maintenance (3.5% vs 0.6%).

Meanwhile, the CPI adjusted for tax changes and excluding energy products (CPI-ATE) rose by 3.2% year-on-year, slightly down from 3.3% in July, marking its lowest level since April 2022.

On a monthly basis, consumer prices tumbled 0.9% in August 2024 from 0.5% rise in the previous month.