Norway July CPI Up 3.3% Year-Over-Year, 0.8% Month-Over-Month; Italy July HICP 1.7%, June Trade Surplus EUR 5.4 Billion, EU Deficit EUR 69 Million

Norway's consumer price index (CPI) for July rose 3.3% year-over-year, slightly above the forecast of 3.0% and the previous 3.0%. On a monthly basis, CPI increased by 0.8%, up from 0.3% in the prior month. Underlying CPI, which excludes volatile items, showed a year-over-year increase of 3.1%, in line with expectations, and a monthly rise of 0.8%, up from 0.5%. The producer price index (PPI) including oil advanced 0.8% month-over-month in July, reversing a 0.3% decline in the previous month, while the year-over-year PPI including oil fell by 0.3%, improving from a 1.0% decline previously. In Italy, the harmonized index of consumer prices (HICP) for July was confirmed at 1.7% year-over-year, matching forecasts and the previous reading. The monthly change in HICP was -1.0%, consistent with estimates and prior data. The Italian CPI, including tobacco, rose 0.4% month-over-month and 1.7% year-over-year, both in line with expectations. Italy reported a trade surplus of EUR 5.409 billion for June, down from EUR 6.163 billion in May. However, the trade balance with the European Union showed a deficit of EUR 69 million, a reversal from a surplus of EUR 776 million in the previous month.