Norway’s consumer price inflation accelerated unexpectedly in June, figures from Statistics Norway showed Friday.
The consumer price index rose 2.6 percent year-year in June, faster than previous month’s 2.1 percent climb. Economists had forecast the inflation to ease slightly to 2.0 percent.
Core inflation also quickened to 3.2 percent in June from 2.4 percent in May. It was expected to remain stable at 2.4 percent during the month.
Prices of food and non-alcoholic beverages grew 4.2 percent in June from a year ago and transport costs increased by 3.6 percent.
On a monthly basis, consumer prices went up 0.3 percent in June, defying economists’ expectations for a 0.4 percent fall. In May, prices had fallen 0.2 percent.
The EU measure of inflation, or HICP, rose at a faster pace of 2.6 percent annually in June, following a 2.0 percent hike in May. Month-on-month, the HICP inched up 0.3 percent.
Separately, the statistical office announced that producer prices declined 4.9 percent yearly in June, slightly faster than May’s 4.8 percent decrease. Prices have been falling since July last year.
Month-on-month, producer prices moved up 0.3 percent in June, in contrast to a 0.1 percent mere drop in the preceding month. It was the second successive monthly fall.
The material has been provided by InstaForex Company – www.instaforex.com