Norway Inflation September 2016

Norway

Norway: Inflation eases further in September

In September, consumer prices climbed 0.3% from the previous month, which contrasted August’s reading (-0.5% month-on-month) but undershot market expectations of a 0.7% increase. According to Statistics Norway, higher prices for apparel were the main driver behind the pickup.

Inflation decelerated to 3.6% in September from 4.0% in August. Nonetheless, September’s rate is still largely above the Central Bank’s target of a 2.5% annual change in consumer prices. Annual average inflation in September inched up to 3.3% from August’s 3.2% and marked the highest level seen since June 2009.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.3% month-on-month in September, which contrasted August’s 0.5% drop. Core inflation decreased from 3.3% in August to 2.9% in September.

The Norwegian Central Bank expects inflation to average 3.6% in 2016 and 2.6% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 3.2% in 2016, which is up 0.1 percentage points from last month’s estimate. In 2017, the panel expects inflation to average 2.4%.


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Norway Inflation Chart


Norway Inflation September 2016 0

Note: Year-on-year and month-on-month variation of consumer price index in %.


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