Norwegian Consumer Prices Rise; Producer Price Inflation Slows

Norway’s consumer price inflation rose in November, while producer price growth slowed, data from Statistics Norway showed on Friday.

The consumer price index rose 5.1 percent year-on-year in November, after a 3.5 percent increase in October. Economists had expected prices to rise 4.6 percent.

Prices for housing, water, electricity, gas and other fuels increased 16.1 percent yearly in November. Prices for restaurants and hotels, and transport gained by 5.9 percent and 5.5 percent, respectively.

Prices for health, and recreation and culture rose 2.9 percent and 2.7 percent, respectively.

Core inflation increased to 1.3 percent in November from 0.9 percent in the preceding month. Economists had expected a rate of 1.2 percent.

On a month-on-month basis, consumer prices rose 0.8 percent in November, after a 0.3 percent fall in the prior month. Economists had forecast a 0.5 percent increase.

The core CPI increased 0.1 percent monthly in November, after a 0.4 percent drop in the preceding month. Economists had expected a rise of 0.1 percent.

The EU measure of harmonized index of consumer prices, or HICP, rose 5.8 percent yearly in November and gained 0.9 percent a month ago.

Separate data from the statistical office showed that the producer price index rose 58.6 percent annually in November, following a 60.8 percent increase in October.

On a monthly basis, producer prices rose 3.0 percent in November, after a 6.2 percent gain in the preceding month.

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