Inflation in Norway
Norway - Inflation (end of period)
Inflation recedes further in December
Inflation came in at 5.9% in December, which was down from November’s 6.5%. December's reading marked the lowest inflation rate since May. Looking at the details of the release, prices for housing and utilities grew at a more moderate rate in December. Prices for transportation also rose at a softer rate.
Still, the trend pointed up slightly, with annual average inflation coming in at 5.8% in December (November: 5.7%). Meanwhile, core inflation ticked up to 5.8% in December, from November’s 5.7%.
Lastly, consumer prices increased 0.08% in December over the previous month, swinging from November's 0.16% fall.
FocusEconomics Consensus Forecast panelists expect inflation to average 4.5% in 2023, which is up 0.2 percentage points from last month’s estimate. In 2024, they expect inflation to average 2.4%.
Norway - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||2.3||3.5||1.6||3.5||1.4|
5 years of economic forecasts for more than 30 economic indicators.
Norway Inflation (eop) Chart
Source: Statistics Norway and FocusEconomics calculations.
|Bond Yield||1.58||-0.65 %||Jan 01|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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January 19, 2023
At its 18 January meeting, the Executive Board of Norges Bank unanimously voted to pause its tightening cycle and leave the sight deposit rate unchanged at 2.75%.
January 12, 2023
GDP grew 0.2% over the prior month in seasonally adjusted terms in November, contrasting October’s 0.8% decline.
January 10, 2023
Inflation came in at 5.9% in December, which was down from November’s 6.5%.
January 6, 2023
Industrial production slid 0.9% month on month in seasonally-adjusted terms in November, a smaller contraction when compared with October’s 1.2% decrease.
December 14, 2022
At its 14 December meeting, the Executive Board of Norges Bank unanimously voted to deliver another 25 basis point increase and bring the sight deposit rate to 2.75%—its highest level since January 2009.