2024.04.1011:48:00UTC+00Norway Inflation Eases To 6-Month Low, Producer Prices Fall Further

Norway's consumer price inflation eased for the third straight month in March to the lowest level in six months, while producer prices continued their declining trend, separate reports from Statistics Norway showed on Wednesday.

The consumer price index rose 3.9 percent year-over-year in March, slower than the 4.5 percent gain in the previous month. Economists had expected inflation to moderate to 4.2 percent.

Moreover, this was the weakest inflation since September 2023, when prices had risen 3.3 percent.

The annual price growth for utilities eased to 2.5 percent from 3.3 percent in February. Transport charges also moderated to 1.6 percent from 2.5 percent.

On a monthly basis, consumer prices increased at a stable rate of 0.2 percent in March.

Core inflation, which excludes energy prices and tax changes, eased to 4.5 percent in March from 4.9 percent in the previous month. The expected inflation rate was 4.7 percent.

In a separate report, the statistical office said producer prices declined 6.9 percent annually in March versus a 12.6 percent plunge a month ago. Prices have been falling since February 2023.

Prices for energy goods decreased the most by 13.9 percent from last year.

On a monthly basis, producer prices increased 2.7 percent in March after falling by 2.5 percent in the prior month. This was the first increase in five months.