2024.03.1108:47:00UTC+00Norway Inflation Eases To 4-Month Low; Producer Prices Fall Further

Norway's consumer price inflation eased for the second straight month in February to the lowest level in four months, while producer prices continued to decline sharply, separate reports from Statistics Norway showed on Monday.

The consumer price index rose 4.5 percent year-over-year in February, slower than the 4.7 percent gain in the previous month. Meanwhile, economists had expected inflation to rise to 4.9 percent.

The annual price growth for food and non-alcoholic beverages eased to 6.3 percent from 8.7 percent in January. Charges for communications also moderated to 1.4 percent from 1.8 percent.

On a monthly basis, consumer prices increased by 0.2 percent, slower than the expected rise of 0.5 percent. In January, prices edged up by 0.1 percent.

Core inflation, which excludes energy prices and tax changes, eased to 4.9 percent in February from 5.3 percent in the previous month. Inflation was expected to remain stable at 5.3 percent.

In a separate report, the statistical office said producer prices declined 12.6 percent annually in February versus a 12.9 percent plunge a month ago. Prices have been falling since January 2023.

Prices for extraction, related services, and energy goods decreased the most by 23.4 percent each from last year.

On a monthly basis, producer prices dipped 2.5 percent in February after falling by 3.2 percent in the prior month.