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Norwegian Consumer Price Inflation, Producer Prices Rise In June

Norway’s consumer price inflation increased in June, data from Statistics Norway showed on Friday.

The consumer price index rose 2.9 percent year-on-year in June, following a 2.7 percent increase in May. This was in line with economists’ expectation.

Prices for housing, water, electricity, gas and other fuels increased 8.6 percent yearly in June. Prices for furnishings, household equipment and routine maintenance, and recreation and culture gained by 3.6 percent and 3.5 percent, respectively.

Prices for health rose 3.3 percent and those of restaurants and hotels increased by 3.0 percent.

The core inflation rate eased to 1.4 percent in June from 1.5 percent increase in May. Economists had expected a 1.6 percent rise.

On a month-on-month basis, consumer prices rose 0.3 percent in June, after a 0.1 percent fall in the prior month. Economists had forecast a 0.4 percent increase.

The core CPI rose 0.4 percent monthly in June, same as seen in the preceding month.

Economists had forecast a 0.5 percent increase.

The EU measure of harmonized index of consumer prices, or HICP, rose 3.0 percent yearly in June, following a 2.8 percent increase in the prior month.

On a monthly basis, the HICP rose 0.4 percent in June, after a 0.2 percent decrease in the preceding month.

Separate data from the statistical office showed that the producer price index accelerated 37.1 percent annually in June, following a 29.4 percent increase in May. On a monthly basis, producer prices rose 4.6 percent in June, following a 2.8 percent increase in the preceding month. 

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