Norway inflation eases to lowest level since December 2020

The Norwegian Krone weakened more than 1% against the Euro on Wednesday, after data showed Norway’s CPI inflation rate had eased to its lowest since December 2020 in June.

Norway’s annual consumer price inflation has decelerated to 2.6% in June from 3% in May, the latest data by Statistics Norway showed.

In June, inflation slowed for food & non-alcoholic beverages (4.9% YoY compared to 5.4% YoY in May), recreation & culture (4% YoY compared to 7.6% YoY in May) and health (4.6% YoY versus 4.8% YoY in May).

Annual inflation adjusted for tax changes and excluding energy products (CPI-ATE) was reported at 3.4% in June, while easing from 4.1% in May.

It has been the lowest rate since May 2022.

In monthly terms, consumer prices in the country edged up 0.2% in June, following a 0.1% dip in May, the data showed.

The Norwegian Krone was last 1.10% weaker on the day against the Euro, with the EUR/NOK currency pair trading at 11.5655.

The exotic Forex pair was holding near a fresh one-month high of 11.5685.