2024.01.1007:29:00UTC+00Norwegian Inflation Remains Stable; Producer Prices Fall Sharply

Norway's consumer price inflation held steady at the end of the final quarter, while producer prices declined at a faster pace, separate reports from Statistics Norway showed on Wednesday.

The consumer price index climbed 4.8 percent year-over-year in December, the same rate of increase as in the previous month. That was in line with expectations.

Prices for food and non-alcoholic beverages alone surged 8.9 percent annually in December. This was followed by an 8.4 percent rise in costs for furnishings, household equipment, and routine maintenance.

On a monthly basis, consumer prices edged up 0.1 percent in December, following a 0.5 percent gain in November. Prices were expected to rise by 0.2 percent.

Core inflation, which excludes energy prices and tax changes, eased to 5.5 percent in December from 5.8 percent in the previous month. The expected rate was 5.6 percent.

The EU harmonized inflation rose to 4.7 percent in December from 4.5 percent in November. Month-on-month, the harmonized index of consumer prices increased by 0.1 percent.

In a separate report, the statistical office said producer prices plunged 25.6 percent annually in December versus a 15.6 percent decline a month ago. Prices have been falling since January 2023.

Prices for extraction and related services decreased the most by 40.1 percent from last year.

On a monthly basis, producer prices dipped 7.4 percent in December, after falling by 0.3 percent in the prior month.