Norway Inflation September 2016


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%.

Sample Report

Looking for forecasts related to Inflation in Norway? Download a sample report now.


Norway Inflation Chart

Norway Inflation September 2016 0

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

Norway Economic News

  • Norway: Industrial production swings to contraction in August

    October 7, 2016

    In August, industrial production decreased 4.7% over the previous month in seasonally-adjusted terms, which contrasted the 4.7% expansion recorded in July and marked the lowest reading since April 2015.

    Read more

  • Norway: Norges Bank leaves rate unchanged at 0.50%

    September 22, 2016

    At its 21 September policy meeting, Norges Bank (NB) decided to leave its key policy rate at the all-time low of 0.50%, as was expected by market participants. Norges Bank noted that global growth was moderate and that in the medium term import demand from its main trading partners will be lower than previously expected.

    Read more

  • Norway: Inflation eases in August

    September 9, 2016

    In August, consumer prices dropped 0.5% over the previous month, which contrasted July’s reading (+0.6% month-on-month) and undershot market expectations of a 0.4% drop.

    Read more

  • Norway: Industrial production rebounds in July

    September 7, 2016

    In July, industrial production expanded 5.5% over the previous month in seasonally-adjusted terms, which marked a rebound from the 4.7% fall recorded in June and represented the highest reading since October 2012.

    Read more

More news

Search form