Norway inflation eases to lowest level since September 2023

Norway’s annual consumer price inflation has decelerated to 3.6% in April from 3.9% in March, the latest data by Statistics Norway showed.

In comparison, a consensus of analyst estimates had pointed to an annual rate of 3.4%.

It has been the lowest CPI inflation rate since September 2023.

In April, inflation slowed for housing & utilities (2% YoY down from 2.5% YoY in March), furnishings, household equipment & routine maintenance (1.5% YoY compared to 2.9% YoY in March) and recreation & culture (7.5% YoY down from 8% YoY in March).

Conversely, inflation accelerated for food & non-alcoholic beverages (6.8% YoY from 6.1% YoY in March) and transport (1.8% YoY from 1.6% YoY in March).

Norway’s annual inflation adjusted for tax changes and excluding energy products (CPI-ATE) was reported at 4.4% in April, while easing from 4.5% in March.

It has been the lowest rate since June 2022.

In monthly terms, consumer prices in the country rose 0.8% in April, accelerating after a 0.2% increase in March, the data showed.

The USD/NOK currency pair settled 0.22% lower at 10.8178 on Friday. For the week, the exotic currency pair edged down 0.23%, as it extended the loss from the prior week.