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Norway's consumer price inflation unexpectedly eased for the first time in five months in October, figures from Statistics Norway showed on Friday. The consumer price index rose 3.1 percent year-on-year following a 3.4 increase in each of the previous two months. In July, inflation was 3 percent. Economists had expected the rate to remain unchanged at 3.4 percent. On a month-on-month basis, the CPI dropped 0.2 percent in October following a 0.6 percent rise in September. Economists had expected the index to remain unchanged.

Core inflation, which excludes tax changes and energy products, eased to 1.6 percent from 1.9 percent in September. Economists had forecast a 1.8 percent rate.

The core CPI was unchanged in October from the previous month after a 0.5 percent increase in September. Economists had expected a 0.2 percent increase. Separately, the statistical office reported that producer prices rose 22.5 percent year-on-year in October after climbing 21.1 percent in September. Compared to the previous month, producer prices rose 3.6 percent following a 1.5 percent gain in September.

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