Norway Inflation March 2022

Norway

Norway: Inflation accelerates to three-month high in March

April 11, 2022

Consumer prices increased 0.59% in March over the previous month, a smaller increase than February's 1.10% rise. Looking at the details of the release, prices for food and non-alcoholic beverages and for recreation and culture dropped in March compared to the previous month, which more than offset price pressures for transportation picking up pace.

Inflation increased to 4.5% in March from February’s 3.7%. Consequently, the trend pointed up slightly, with annual average inflation coming in at 3.7% in March (February: 3.6%). Finally, core inflation was stable, coming in at February's 2.1% in March.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.0% in 2022, which is up 0.3 percentage points from last month’s estimate. In 2023, they expect inflation to average 2.0%.


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Norway Inflation March 2022

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


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