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Norway Inflation At 1-year Low

Norway's consumer price inflation slowed to the weakest in a year in May, figures from Statistics Norway showed on Tuesday.

The consumer price index climbed 2.5 percent year-on-year in May, after a 2.9 percent rise in April and March. Economists had expected inflation to remain same.

The latest inflation was the lowest since May 2018, when it was 2.3 percent.

Prices of education grew 4.8 percent annually in May, and those in recreation and culture rose 4.2 percent. Housing, water, electricity, gas and other fuels and restaurants and hotel prices rose by 3.5 percent and 3.1 percent, respectively.

The core inflation was 2.3 percent in May, slower than 2.6 percent in the previous month.

On a monthly basis, consumer prices fell 0.3 percent in May, revering a 0.4 percent rise in the preceding month. Economists had expected a rise of 0.1 percent.

The EU measure of inflation, or HICP, rose 2.9 percent annually in May and declined 0.3 percent a month ago.

Separate data from Statistics Norway showed that the producer price inflation slowed to 0.4 percent in May from 2.6 percent in April.

Compared to the previous month, producer prices fell 1.0 percent in May, after a 0.7 percent increase in the prior month.

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