Consumer price inflation in Norway increased more than expected in May, data released by Statistics Norway showed Friday.

The consumer price index (CPI) increased 1.6 percent year-on-year in May, faster than the 1.3 percent rise seen in April, Economists had called for a growth of 1.4 percent.

Prices of food and non-alcoholic beverages dropped 0.6 percent, while clothing and footwear prices fell 3.8 percent during the month. Meanwhile, there was a 3.3 percent annual growth in prices in the transport sector.

Month-on-month, consumer prices decreased 0.2 percent during the month, while economists' expected prices to grow 0.3 percent.

Core inflation, which excludes special items, slowed to 1 percent in May from 1.3 percent in April. Economists had forecast the core inflation to be 1.1 percent. On a monthly basis, the core CPI decreased 0.2 percent, more than 0.1 percent drop economists forecast.

The harmonized index of consumer prices (HICP), measured under the EU methodology, increased 1.6 percent annually in May, faster than April's 1.3 percent rise, the agency said.

Separately, the agency said Norway's producer prices increased 18 percent year-on-year in May, while on a monthly basis they declined 2.1 percent.

RTTNews