Norway Inflation December 2021


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

January 10, 2022

Consumer prices increased 0.68% in December over the previous month, slowing down from the 0.77% increase logged in November. The slowdown was largely due to softer growth in prices for housing and utilities. In addition, price pressures for food and non-alcoholic beverages decreased at a quicker pace.

Inflation came in at 5.3% in December, which was up from November’s 5.1%. December's reading was the highest inflation rate since October 2008. Consequently, the trend pointed up, with annual average inflation coming in at 3.5% in December (November: 3.2%). Lastly, core inflation rose to 1.8% in December, from November’s 1.3%.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.2% in 2022, which is up 0.2 percentage points from last month’s estimate. In 2023, they expect inflation to average 1.7%.


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Norway Inflation Chart

Norway Inflation December 2021

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

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