Norway inflation eases to lowest level since July 2021

Norway’s annual consumer price inflation has decelerated further, to 3% in May, from 3.6% in April, the latest data by Statistics Norway showed.

It has been the lowest CPI inflation rate since July 2021.

In May, inflation slowed for food & non-alcoholic beverages (5.4% YoY from 6.8% YoY in April), housing & utilities (0.1% YoY from 2% YoY in April) and for clothing & footwear (2.7% YoY from 4% YoY in April).

Conversely, inflation accelerated for transport (2.1% YoY from 1.8% YoY in April) and for furnishings, household equipment & routine maintenance (2.7% YoY from 1.5% YoY in April).

Norway’s annual inflation adjusted for tax changes and excluding energy products (CPI-ATE) was reported at 4.1% in May, while easing from 4.4% in April.

It has been the lowest rate since June 2022.

In monthly terms, consumer prices in the country edged down 0.1% in May, following a 0.8% rise in April, the data showed.

The Norwegian Krone was last 0.22% weaker on the day against the US Dollar, with the USD/NOK currency pair trading at 10.7210.