According to data released by Statistics Norway this Tuesday, Norway's consumer price inflation continued its downward trend in November, reaching its lowest point in almost four years. The consumer price index showed a year-over-year increase of 2.4 percent in November, a decrease from the 2.6 percent rise observed in October. This marks the most modest inflation rate since December 2020, when it was 1.4 percent.
The annual increase in prices for housing and utilities experienced a notable reduction, falling to 2.1 percent from October's 4.5 percent. A 1.0 percent decline in the prices of clothing and footwear also contributed to this deceleration in inflation. On a month-to-month basis, consumer prices rose by 0.3 percent in November, following a 0.6 percent increase in October.
However, core inflation, which factors out energy prices and tax changes, saw a rise, climbing to 3.0 percent in November from 2.7 percent the previous month.
