Norway's July Inflation Highest In Nearly 35 Years

Norway's annual inflation rate spiked to 6.8% in July, the highest since July 1988.

The figure stood at 6.3% in June.

The main drivers of the surge were food and non-alcoholic beverages (10.4% in July vs 5% in June) and transport (11.3% vs 11.7%).

The consumer price index adjusted for tax changes and excluding energy products hit a record high of 4.5%, up from 3.6% in June and well above the market estimate of 3.8%.

On a monthly basis, consumer prices were up 1.3% in July, compared to a 0.9% rise in June. -