Norway Inflation

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Norway: Inflation climbs in June

July 10, 2015

In June, consumer prices rose 0.3% over the previous month, which was slightly above the 0.2% increase recorded in May and markedly overshot market expectations of a 0.2% fall. According to Statistics Norway, the increase was mainly driven by a rise in the prices of transport and of food and non-alcoholic beverages.

June’s annual headline inflation reading inched up from May’s 2.1% to 2.6%, the highest reading since September 2013. Annual average inflation in June inched up to 2.1% from the previous month’s 2.0%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.5% over the previous month, which matched May’s reading. Annual core inflation came in at 3.2% in June, which is up from May’s 2.4%.

The Norwegian Central Bank expects inflation to average 2.25% in both 2015 and 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2015, which is unchanged from last month’s estimate. In 2016, the panel expects inflation also to average 2.1%.


Author:, Economist

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Norway Inflation Chart


Norway Inflation June 2015 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Norway (SN).


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