Norway Inflation


Inflation inches up in November

In November, consumer prices rose 0.1% over the previous month. The rise matched the increase tallied in October and overshot the flat reading that markets had expected. According to Statistics Norway, the monthly print mainly reflects higher prices for clothing and footwear, as well as for recreation and culture, which more than offset lower prices for transportation.

Annual headline inflation inched up from 2.4% in October to 2.5% in November. Annual average inflation also rose slightly, increasing from 2.0% in October to 2.1% in November, which marked the highest reading since February 2011.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.2% in November (October: +0.2% month-on-month). Annual core inflation increased from 1.9% in October to 2.0% in November.

The Central Bank expects inflation to average 1.8% in 2013 before moderating to 1.5% in 2014. FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2013, which is unchanged from last month's estimate. In 2014, the panel sees inflation steady at 2.1%, which is also unchanged from last month's projection.

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Norway Inflation Chart

Norway Inflation November 2013

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Norway (SN).

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