Norway Inflation


Inflation increases slightly in January

In January, consumer prices were flat over the previous month. The reading was up from the 0.1% drop tallied in December and exceeded the 0.3% decline that markets had expected. According to Statistics Norway, the monthly print mainly reflected lower prices for clothing and footwear, which were offset by higher prices for food and non-alcoholic beverages, as well as for housing, water, electricity, gas and other fuels.

Annual headline inflation rose from 2.0% in December to 2.3% in January. Annual average inflation also rose slightly, increasing from 2.1% in December to 2.2% in January, which marked the highest reading since January 2011.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, fell 0.1% in January (December: -0.1% month-on-month). Annual core inflation rose from 2.0% in December to 2.5% in January.

The Central Bank expects inflation to average 1.5% in 2014 and 2.0% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 2.0% in 2014, which is unchanged from last month's estimate. In 2015, the panel sees inflation broadly stable at 2.1%.

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Norway Inflation Chart

Norway Inflation January 2014

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

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