Norway Inflation


Inflation falls to lowest level in over three years

In December, consumer prices remained unchanged in seasonally adjusted terms over the previous month, following the 0.18% decline recorded in November. According to Statistics Norway, the December reading was the result of higher prices for transport, due to higher airline and taxi fares, which was offset by lower electricity prices. Annual headline inflation fell from 1.2% in November to 0.2% in December. The figure marks the lowest rate since October 2007 and was below market expectations of 0.5%. Overall, in 2011, inflation reached an average of 1.2%, half of the 2.4% observed in 2010, and also less than a half of the official target of 2.5%. Moreover, core inflation, which excludes taxes, fees and energy prices, remained unchanged at November's 1.0%.

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Norway Economic News

  • Norway: Inflation eases further in September

    October 10, 2016

    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.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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