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Norway Inflation January 2023

Norway: Inflation accelerated to three-month high in January

Inflation came in at 7.0% in January, which was markedly up from December’s 5.9%. January’s figure was the highest inflation rate since October 2022. Looking at the details of the release, January’s acceleration was broad-based, with greater price pressures recorded for housing and utilities, transportation, and food and non-alcoholic beverages.

Accordingly, the trend pointed up, with annual average inflation coming in at 6.1% in January (December: 5.8%). Meanwhile, core inflation rose to 6.4% in January, from December’s 5.8%.

Finally, consumer prices increased 0.16% in January over the previous month, accelerating from December’s 0.08% increase. January’s figure was the highest reading since October 2022.

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