Norway Inflation


Inflation hits 13-month low in April

In April, consumer prices rose 0.4% over the previous month. The increase, which marked an acceleration over the 0.2% rise tallied in March, was in line with market expectations. According to Statistics Norway, the monthly print mainly reflected higher prices for recreation and culture as well as for transportation.

Annual headline inflation inched down from 2.0% in March to 1.8% in April, which represented the lowest rate since March 2013. Annual average inflation ticked down from 2.4% in March to 2.3% in April.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.6% in April (March: +0.5% month-on-month). Annual core inflation decreased slightly from 2.6% in March to 2.5% in April.

The Central Bank expects inflation to average 2.0% in both 2014 and 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 2.0% in 2014, which is up 0.1 percentage points 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 April 2014

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

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