Norway Inflation Climbs to 3.6 Percent in March

(MENAFN) Norway's inflation rate climbed sharply to 3.6% in March, accelerating by nearly a full percentage point from February, as soaring energy costs — particularly an unprecedented spike in fuel prices — drove the fastest monthly surge on record, Statistics Norway reported Friday.

Fuel and lubricant prices rocketed 17.9% between February and March alone, the steepest single-month increase ever logged in Norway's consumer price index. On an annual basis, those prices were 14.7% higher than a year earlier, with gasoline surging 18.7% and diesel climbing 23.6% month-on-month.

A statement from Statistics Norway cited the war in Iran and mounting uncertainty over global oil supplies as primary drivers behind the spike — the most severe since the opening phase of the Russia-Ukraine war in 2022, though that earlier surge had played out over a longer timeframe.

The conflict, which erupted on Feb. 28, has choked flows through the Strait of Hormuz — a critical conduit for global crude oil and LNG shipments — triggering a wide-ranging energy shock felt across international markets.

Core inflation, stripped of energy costs and tax adjustments, held firm at 3.0% year-on-year, unchanged from the prior month.

Falling food prices offered some cushion against the energy-driven pressure. Food costs dropped 2.6% month-on-month and edged up only 1.1% annually — the softest yearly gain since March 2022.

Elsewhere, price trends diverged across sectors. Clothing and footwear rose 3.1% from February as seasonal discounts wound down and spring collections hit shelves, even as annual growth in the category moderated. Furniture, household goods, and home maintenance costs rose 1.1% on the month, pushing annual growth in that segment to 2.4% from just 0.6% previously.

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