Norway Inflation (CPI, ann. var. %, aop)

Inflation Rate in Norway

Inflation drops in April

Inflation edged down to 6.4% in April, which followed March’s 6.5%. Despite the downtick, inflation remained well above Norges Bank’s 2.0% target. Looking at the details of the release, the moderation was chiefly due to price pressures for transportation easing. This more than offset food and non-alcoholic beverages prices rising at a quicker pace in April compared to the previous month.

Still, the trend was unchanged, with annual average inflation remained at March’s 6.5% in April. Meanwhile, core inflation ticked up to 6.3% in April, from March’s 6.2%.

Finally, consumer prices increased 1.10% in April over the previous month, picking up from the 0.79% rise logged in March. April’s figure marked the highest reading since September 2022.