Inflation quickens to 3.4 percent as food and transport prices climb
Consumer prices rose 3.4 percent in the year to September, the highest reading since April, while core inflation held steady at 3.0 percent. The figures land two weeks after Norges Bank raised its policy rate to 4.5 percent.
OSLO: Norway's consumer price inflation quickened to 3.4 percent year-on-year in September, Statistics Norway reported on Friday, the highest reading since April and up from 3.3 percent in August.
Core inflation, measured by the CPI-ATE index that strips out tax changes and energy products, held steady at 3.0 percent. Prices rose 0.5 percent from August to September, while the core index rose 0.2 percent, the agency said.
Food and non-alcoholic beverages cost 2.4 percent more than a year earlier, accelerating from 1.6 percent in August, according to dpa-AFX. Transport costs climbed 4.8 percent and health costs 4.9 percent in Statistics Norway's figures, while restaurant and accommodation services rose 6.0 percent.
The September figures arrive two weeks after Norges Bank raised its policy rate to 4.5 percent on Sept. 24. Governor Ida Wolden Bache told a press conference that inflation had been above target for several years, and that the committee was prepared to raise the rate further if needed to bring inflation back to target.
Presenting the 2027 state budget on Oct. 7, the government projected core inflation of 3.1 percent for 2026, easing to 2.8 percent in 2027, and mainland GDP growth of 1.7 percent next year, according to Reuters.
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