2016.12.0902:39:00UTC+00Norway Inflation Eases As Expected In November

Norway's consumer price inflation eased slightly in November, in line with expectations, figures from Statistics Norway showed Friday.

The consumer price index rose 3.5 percent year-over-year in November, slower than the 3.7 percent climb in the previous month. The figure also matched consensus estimate.

The annual increase in November was mainly driven by higher electricity prices. Including grid rent, electricity prices surged 31.4 percent.

The price index adjusted for tax changes and excluding energy products, core inflation moderated to 2.6 percent in November from 2.9 percent in October. Meanwhile, it was expected to remain stable during the month.

On a monthly basis, consumer prices edged up 0.2 percent in November as predicted by economists. At the same time, core consumer prices dropped 0.1 percent, defying economists' expectations for an increase of 0.1 percent.

Separately, the statistical office revealed that producer prices declined at a weaker rate of 2.6 percent yearly in November, following a 4.5 percent fall a month ago.

Month-on-month, producer prices climbed 2.5 percent from October, when it grew by 2.3 percent. The rise was to a large extent caused by higher prices of electricity and natural gas.