Norway Inflation June 2022

Norway

Norway: Inflation comes in at highest level in 33 years in June

July 11, 2022

Consumer prices rose 0.91% from the previous month in June, picking up from the 0.25% increase recorded in May. Looking at the details of the release, prices for housing and utilities rose at a faster rate in June while prices for transportation also increased.

Inflation increased to 6.3% in June, following May’s 5.7%. June's result was the highest inflation rate since October 1988. Consequently, the trend pointed up slightly, with annual average inflation coming in at 4.4% in June (May: 4.2%). Lastly, core inflation ticked up to 3.6% in June, from May’s 3.4%.

FocusEconomics Consensus Forecast panelists expect inflation to average 4.5% in 2022, which is up 0.7 percentage points from last month’s estimate. In 2023, they expect inflation to average 2.3%.


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Norway Inflation June 2022

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


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