Norway Inflation November 2018


Norway: Inflation accelerates in November

December 10, 2018

Consumer prices rose 0.5% in November compared to the previous month, contrasting the 0.2% fall in October. November’s reading was primarily due to higher prices for food and non-alcoholic beverages. On the other hand, prices for furniture, household equipment and routine maintenance fell.

Inflation accelerated to 3.5% in November from 3.1% in October, which represents a near two-year high. Inflation therefore surpassed Norges Bank’s target rate of 2.0% again in November. Meanwhile, annual average inflation ticked up to 2.6% in November from 2.4% in October.

Core consumer prices—which are adjusted for tax changes and exclude energy prices—rose 0.3% in November compared to the previous month, contrasting the no-change in October. Core inflation accelerated to 2.2% in November from 1.6% in October.

Norges Bank expects inflation to average 1.3% in 2019 and 1.4% in 2020. FocusEconomics Consensus Forecast panelists expect inflation to average higher than the Central Bank. In 2019, inflation is seen by our panel averaging 2.0%, which is unchanged from last month’s estimate. In 2020, our panelists see inflation averaging 1.9%.

Author:, Economist

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Norway Inflation Chart

Norway Inflation November 2018

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).

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