Statistics Norway announced on Monday that Norway experienced an acceleration in consumer price inflation in January, alongside the highest surge in producer prices since late 2022. The rise was primarily driven by increased costs in natural gas and metal.
The consumer price index (CPI) recorded an annual growth of 2.3 percent, building slightly upon December's 2.2 percent increase. Core inflation, which excludes the volatile categories of energy prices and tax changes, rose to 2.8 percent from 2.7 percent in the prior month.
In terms of specific categories, the costs for food and non-alcoholic beverages experienced an annual increase of 5.0 percent. Health and education expenses also surged, rising by 5.2 percent and 5.1 percent respectively. On a month-to-month basis, consumer prices edged up by 0.2 percent in January.
Separate figures from the statistical office indicated that producer price inflation soared to 18.1 percent in January, compared to 9.3 percent in December. This marked the highest level since December 2022, when the rate was 18.7 percent.
Further data revealed significant price growth in refined petroleum products, metals, and metal goods, as well as other industrial sectors throughout January. A notable widening gap was also observed between export prices and domestic prices for Norwegian seafood.
