Norway Inflation March 2017


Norway: Inflation climbs down in March

April 10, 2017

Consumer prices in March rose 0.3% from the previous month, slightly below February’s 0.4% rise. According to Statistics Norway, the price increase was driven by higher prices for food and non-alcoholic beverages, alcoholic beverages and tobacco and furnishings, household equipment and routine maintenance.

Inflation came in at 2.4% in March (February: 2.6%), the lowest figure since December 2015. Meanwhile annual average inflation was 3.4% in March, marginally lower than February’s 3.5%.

The core consumer price index, which excludes taxes, fees and energy prices, increased by 0.4% month-on-month in March (February: +0.5% mom). Core inflation increased from 1.6% in February to 1.7% in March.

The Norges Bank projects inflation to average 2.2% in 2017 and 1.3% in 2018. FocusEconomics Consensus Forecast panelists expect inflation to average 2.3% in 2017, which is down 0.1 percentage points from last month’s estimate. In 2018, the panel expects inflation to average 2.0%.

Author: Marlène Rump, Senior Data Analyst

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Norway Inflation Chart

Norway Inflation March 2017

Note: Year-on-year and month-on-month variation of consumer price index in %.

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