Norway Consumer Price Inflation Rises In February

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Norway’s consumer price inflation rose in February, data from Statistics Norway showed on Wednesday.

The consumer price index rose 3.3 percent year-on-year in February, following a 2.5 percent increase in January. Economists had expected rise of 3.0 percent.

Prices for furnishings, household equipment and routine maintenance grew 7.0 percent yearly in January. Prices for housing, water, electricity, gas and other fuels, and recreation and culture gained 6.4 percent and 3.4 percent, respectively.

Prices for miscellaneous goods and services rose 3.1 percent. Prices for transportation and education gained 2.1 percent, each.

The core inflation rate remained unchanged at 2.7 percent in February. Economists had expected a rate of 2.9 percent.

On a month-on-month basis, consumer prices rose 0.7 percent in February, following a 1.1 percent growth in the prior month.

The core CPI rose 0.4 percent monthly in February, after a 0.5 percent increase in the preceding month. This was in line with economists expectation.

The EU measure of harmonized index of consumer prices, or HICP, rose 3.6 percent yearly in February, following a 2.7 percent increase in the prior month.

On a monthly basis, the HICP rose 0.8 percent in February, following a 1.1 percent increase in the preceding month.

Separate data from the statistical office showed that the producer price index grew 9.7 percent annually in February, after a 0.6 percent increase in January.

On a monthly basis, producer prices gained 5.4 percent in February, following a 5.3 percent rise in the preceding month.

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