Inflation in Norway accelerated more than forecast by economists, data from Statistics Norway revealed Friday. The consumer price index rose 1.9 percent annually in April, faster than a 1.4 percent gain in March. Economists expected the rate of inflation to rise to 1.5 percent.
The price development in food was the main cause of the increase in the year-to-year growth, the statistical office said.
On a monthly basis, CPI increased 0.9 percent, compared with expectations for a 0.2 percent rise.
The statistical office also reported that Norway's core inflation measure increased 1.5 percent year-on-year, more than the expected 1 percent increase. The core CPI rose 0.6 percent month-on-month compared with 0.2 percent increase forecast.
The harmonized index of consumer prices (HICP), an inflation gauge that uses a methodology harmonized across the EU, rose 1.8 percent year-on-year in April following a 1.1 percent increase in March.
Separately, the statistical agency reported that Norway's producer price index declined 1.6 percent year-on-year in April, but rose 0.2 percent from March.
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