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Energy Prices Push PPI to Historic High

NORWAY
MNI (London)

NORWAY MAR PPI +16.9% M/M (FEB 2.1%), +79.4% Y/Y (FEB 53.2%)

CORE PPI +2.2% M/M, +18.0% Y/Y.

  • The March print saw Norwegian factory-gate inflation jump 16.9% compared to February.
  • Soaring energy goods prices were the key driving factor, although food and basic metal prices also added considerable upward pressure.
  • This price spike was underpinned by the drastic increase in oil prices as a result of the Ukraine war and associated sanctions on Russian oil.
  • Wind production for the month of March was also highlighted as low.
  • Energy goods' prices accelerated by 30.2% m/m, 165% higher than March 2021.

Source: SSB

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