Norway’s consumer price inflation accelerated at a faster-than-expected pace in February to the highest level in ten months, figures from Statistics Norway showed Friday.
Consumer prices climbed 2.2 percent year-over-year in February, faster than the 1.6 percent stable rate of increase in January. Economists had expected the inflation to rise to 1.8 percent.
Moreover, the latest inflation was the highest since April 2017, when prices had grown the same 2.2 percent
Transport costs grew 3.7 percent annually in February and prices of food and non-alcoholic beverages went up by 3.0 percent.
Core inflation also rose to 1.4 percent in February from 1.1 percent in January. It was forecast to increase to 1.3 percent.
On a monthly basis, consumer prices grew 0.9 percent in February, faster than the expected rise of 0.7 percent.
Another report from the statistical office revealed that producer price inflation eased markedly to 4.7 percent in February from 10.4 percent in January.
Month-on-month, producer prices declined 2.6 percent from January, when it climbed by 3.1 percent. It was the first decline in seven months.