Norway Inflation


Inflation rebounds in March

In March, consumer prices rose 0.3% over the previous month, which was less than half the 0.7% increase tallied in February. According to Statistics Norway, the monthly print mainly reflects a rise in prices for clothing and footwear as well as for housing, water, electricity, gas and other fuels.

Building on the monthly increase, annual headline inflation rose to 1.4% in March from 1.0% in February, which had marked the lowest reading in five months. The figure exceeded market expectations that had inflation rising to 1.3%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.2% in March (February: +0.65% month-on-month), driving annual core inflation to 0.9%, down from 1.1% seen in February.

The Central Bank expects consumer prices to rise 1.5% both in 2013 and 2014. FocusEconomics Consensus Forecast panellists see inflation averaging 1.7% in 2013, which is unchanged from last month's estimate. In 2014, the panel sees inflation at 1.9%.

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Norway Inflation Chart

Norway Inflation March 2013

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

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