Norway Inflation Climbs to 3.6 Percent
The sharpest driver behind the jump was a record-setting increase in fuel expenses. Prices for fuel and lubricants surged 17.9% between February and March, representing the largest monthly rise ever recorded in the consumer price index.
According to a statement from Statistics Norway, the war in Iran and uncertainty over global oil supply played a major role in pushing fuel prices higher during the month. The agency noted that this marked the most significant spike since the early phase of the Russia-Ukraine war in 2022, although that earlier rise unfolded over a longer timeframe.
On a yearly basis, fuel and lubricant costs increased by 14.7% in March. Gasoline prices rose 18.7% month-on-month, while diesel prices jumped 23.6% over the same period.
Core inflation, which removes the effects of energy prices and tax changes, remained unchanged at 3.0% year-on-year in March, holding steady from February’s level.
Even with the strong rise in energy-related expenses, decreasing food prices helped soften overall inflation. Food costs dropped 2.6% month-on-month and were only 1.1% higher than a year earlier, which represents the weakest annual increase since March 2022.
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