Norway Consumer Price Inflation, Producer Prices Rise

Norway's consumer price inflation increased in July, data from Statistics Norway showed on Tuesday.

The consumer price index rose 3.0 percent year-on-year in July, following a 2.9 percent increase in June. Economists had expected the inflation to remain unchanged at 2.9 percent.

Prices for housing, water, electricity, gas and other fuels increased 10.3 percent yearly in July. Prices for restaurants and hotels, and furnishings, and household equipment and routine maintenance gained by 3.5 percent and 3.3 percent, respectively.

Prices for health, and recreation and culture rose by 3.2 percent, each.

The core inflation rate eased to 1.1 percent in July from 1.4 percent increase in June. This was in line with economists' expectation.

On a month-on-month basis, consumer prices rose 0.9 percent in July, following a 0.3 percent increase in the prior month. Economists had forecast a 0.8 percent increase.

The core CPI rose 0.6 percent monthly in July, after a 0.9 percent gain in the preceding month. This was in line with economists' expectation.

The EU measure of harmonized index of consumer prices, or HICP, rose 3.3 percent yearly in July, following a 3.0 percent increase in the prior month.

On a monthly basis, the HICP rose 1.0 percent in July, following a 0.4 percent increase in the preceding month.

Separate data from the statistical office showed that the producer price index accelerated 43.4 percent annually in July, following a 37.1 percent increase in June.

On a monthly basis, producer prices rose 4.6 percent in July, same as seen in the preceding month.

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