In February, consumer prices rose 0.5% over the previous month. The spike, which marked an increase over the flat reading tallied in January, was in line with market expectations. According to Statistics Norway, the monthly print mainly reflected higher prices for transport as well as for food and non-alcoholic beverages. Annual headline inflation declined from 2.3% in January to 2.1% in February. Annual average inflation, however, inched up from 2.2% in January to 2.3% in February, which represented the highest rate since January 2011. Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.6% in February (January: -0.1% month-on-month). Annual core inflation decreased slightly from 2.5% in January to 2.4% in February. The Central Bank expects inflation to average 1.5% in 2014 and 2.0% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 1.9% in 2014, which is down 0.1 percentage points from last month's estimate. In 2015, the panel sees inflation at 2.1%.
Inflation moderates in February
March 10, 2014
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Norway Inflation Chart
Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Norway (SN).
Norway Economic News
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.
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.
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.
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.
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.