Norway CPI inflation picks up in September

Norway’s annual consumer price inflation has picked up to 3% in September from 2.6% in August, the latest data by Statistics Norway showed.

Market consensus had pointed to a faster acceleration – to 3.2%.

September’s rate has been the highest since May, as cost of housing and utilities surged 5.1% year-on-year, picking up from 2.3% YoY in August.

Meanwhile, inflation slowed for:

– food and non-alcoholic beverages (4% YoY from 4.5% YoY in August);
– furnishings, household equipment and routine maintenance (2.3% YoY from 3.5% YoY in August);
– transport (0.4% YoY from 1% YoY in August).

Annual inflation adjusted for tax changes and excluding energy products (CPI-ATE) was reported at 3.1% in September, while easing from 3.2% in August.

It has been the lowest rate since April 2022.

The Norwegian Krone was little changed on the day against the Euro, with the EUR/NOK currency pair trading at 11.7858.