Norway's annual inflation hits 7.5% in October, highest since 1987

ANKARA

Norway’s annual inflation rate spiked to 7.5% in October, the highest since October 1987, according to figures released by Statistics Norway on Thursday.

The October figure was above the market projection of 7.1% from the 6.9% recorded in September.

The main driver of the inflation was the rises in prices of food and non-alcoholic beverages (13.1% in October vs 12.1% ) and housing, water, electricity, gas and other fuels (7.2% vs 5.8%).

Meanwhile, the consumer price index adjusted for tax changes and excluding energy products, rose 5.9% year-on-year in October.

On a monthly basis, consumer prices were up 3.3% from September to October.