Norway Inflation September 2022

Norway

Norway: Inflation comes in at an over 34-year high in September

October 10, 2022

Inflation resumed its upward trend in September and came in at 6.9%, up from August’s 6.5%. September's figure marked the highest inflation rate since June 1988. Looking at the details of the release, food and non-alcoholic beverages prices rose at a quicker pace in September compared to the previous month, while price pressures for transportation also picked up pace.

Consequently, the trend pointed up, with annual average inflation rising to 5.3% in September (August: 5.0%). Meanwhile, core inflation rose to 5.3% in September, from the previous month's 4.7%.

Lastly, consumer prices rose 1.37% from the previous month in September, swinging from August's 0.24% drop. September's uptick marked the highest reading since September 2008.

FocusEconomics Consensus Forecast panelists expect inflation to average 5.6% in 2022, which is up 0.6 percentage points from last month’s estimate. In 2023, they expect inflation to average 3.8%.


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Norway Inflation September 2022

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


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