In August, consumer prices fell 0.4% over the previous month, which was a notch above the 0.5% decline tallied in the previous month. According to Statistics Norway, the print mainly reflected lower prices for clothing and footwear as well as for transport. Despite the monthly drop, annual headline inflation rose from 0.2% in July to 0.5% in August. That said, the print undershot market expectations that had inflation accelerating further to 1.1%. Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, declined 0.7% over the previous month, which was below the flat reading observed in July. On an annual basis, core inflation inched down from 1.3% in July to 1.2% in August.
Inflation ticks up in August
September 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.