Norway Inflation Accelerates; PPI Inflation Strongest Since 2022

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Kaufen / Verkaufen

(RTTNews) - Norway's consumer price inflation acceleration in January and producer prices increased at the fastest pace since late 2022 due to higher prices of natural gas and metal, Statistics Norway reported Monday.

The consumer price index registered an annual growth of 2.3 percent after rising 2.2 percent in December.

Core inflation which excludes energy prices and tax changes, rose to 2.8 percent from 2.7 percent in the previous month.

Prices of food and non-alcoholic beverages showed an annual increase of 5.0 percent. Costs of health and education climbed 5.2 percent and 5.1 percent, respectively.

On a monthly basis, consumer prices moved up 0.2 percent in January.

Another data from the statistical office showed that producer price inflation surged to 18.1 percent in January from 9.3 percent in December. This was the highest since December 2022, when the rate was 18.7 percent.

Data showed that price growth for refined petroleum products, metals and metal goods, and other industries increased notably in January. For Norwegian seafood, there was a widening gap between export prices and domestic prices.