Energy prices boost Norway’s headline inflation to 3%
Core index declines to 1.1%, the lowest level in almost four years
Norway’s headline inflation index increased year on year by 3% in July, up from 2.9% in June, according to official data released today (August 10)
The category ‘housing, water, electricity, gas and other fuels’ was the main component boosting inflation. This grew by 10.3% from the same month in 2020. However, inflation measured by the consumer price index-ATE (adjusted for tax changes and excluding energy products) declined to 1.1%.
In June, Norges Bank signalled two rate hikes were likely in
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