Norway’s inflation accelerated in June largely due to rising energy prices, data published by Statistics Norway reported Monday.
Inflation rose to 3.7 percent in June from 3.4 percent in May. Higher electricity prices were the largest contributor to the year-to-year growth.
Prices on electricity including grid rent showed an annual increase of 31 percent.
Meanwhile, core inflation eased to 3 percent from 3.2 percent in May.
Month-on-month, consumer prices climbed 0.6 percent in June.
The harmonized index of consumer prices gained 0.7 percent in June from May and it climbed 4.1 percent from the same period of last year.
Another report showed that producer prices increased 2.8 percent in June from May, which was the biggest rise from one month to another since 2010. In May, prices gained 2.7 percent.
The most important contributor to the monthly growth was the prices of crude oil and natural gas, which went up 6.1 percent.
However, producer prices declined 9.7 percent from last year compared to a 11.9 percent drop in May.
The material has been provided by InstaForex Company – www.instaforex.com