Norway Inflation April 2022

Norway

Norway: Inflation comes in at highest level since October 2008 in April

May 10, 2022

Consumer prices rose 1.17% over the previous month in April, picking up from March's 0.59% increase. April's result marked the highest reading since February 2010. Looking at the details of the release, food and non-alcoholic beverages prices rose in April after dropping in the previous month, while prices for housing and utilities increased at a brisker pace.

Inflation increased to 5.4% in April, following March’s 4.5%. April's figure was the highest inflation rate since October 2008. Accordingly, annual average inflation edged up to 3.9% in April (March: 3.7%). Finally, core inflation rose to 2.6% in April, from March’s 2.1%.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.6% in 2022, which is up 0.6 percentage points from last month’s estimate. In 2023, they expect inflation to average 2.1%.


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Norway Inflation April 2022

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


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