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Norway Consumer Price Inflation; Producer Prices Accelerate

Norway's consumer price inflation increased in August, data from Statistics Norway showed on Friday.

The consumer price index rose 3.4 percent year-on-year in August, following a 3.0 percent increase in July. Economists had expected the inflation to rise 3.1 percent.

Prices for housing, water, electricity, gas and other fuels increased 12.2 percent yearly in August. Prices for restaurants and hotels, and recreation and culture gained by 3.1 percent and 3.0 percent, respectively.

Prices for health, and miscellaneous good and services rose by 2.5 percent and 2.2 percent, respectively.

The core inflation rate eased to 1.0 percent in August from 1.1 percent increase in July. Economists had forecast a rise of 1.1 percent.

On a month-on-month basis, consumer prices remained unchanged in August, after a 0.9 percent increase in the prior month. Economists had forecast a 0.3 percent decrease.

The core CPI fell 0.6 percent monthly in August, after a 0.6 percent gain in the preceding month. Economists had expected a fall of 0.5 percent.

The EU measure of harmonized index of consumer prices, or HICP, rose 3.8 percent yearly in August, following a 3.3 percent increase in the prior month.

On a monthly basis, the HICP remained unchanged in August, after a 1.0 percent increase in the preceding month.

Separate data from the statistical office showed that the producer price index accelerated 50.1 percent annually in August, following a 43.4 percent increase in July.

On a monthly basis, producer prices rose 5.9 percent in August, following a 4.6 percent gain in the preceding month.

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