In July, consumer prices fell 0.5% over the previous month, which mirrored the result tallied in June. According to Statistics Norway, the print mainly reflected lower prices for clothing and footwear as well as for housing, water, electricity and fuels. As a result of monthly drop, annual headline inflation fell from 0.5% in June to 0.2% in July, which represents the lowest level since December last year. Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices was unchanged over the previous month, which was above the 0.3% drop observed in June. On an annual basis, core inflation inched up from 1.2% in June to 1.3% in July.
Inflation slows in July
August 10, 2012
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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.