Norway: Inflation drops to four-month low in June
Inflation eased to 6.4% in June, which followed May’s 6.7%. June’s figure represented the lowest inflation rate since February, but remained well above Norges Bank’s 2.0% target. Looking at the details of the release, the moderation chiefly reflected price pressures for transportation easing. This development more than offset food and non-alcoholic beverages prices rising at a quicker pace in June compared to the previous month.
Meanwhile, the trend was unchanged, with annual average inflation coming in at May’s 6.6% in June. Meanwhile, core inflation rose to 7.0% in June, from May’s 6.7%.
Finally, consumer prices rose 0.62% in June over the previous month, picking up from May’s 0.47% increase.