Norway Inflation May 2022


Norway: Inflation comes in at highest level since our records began in May

June 10, 2022

Consumer prices rose 0.25% in May over the previous month, coming in below the 1.17% increase recorded in April. May's result marked the weakest reading since January. The reading was driven by falling prices for housing and utilities and easing price pressures for food and non-alcoholic beverages. Moreover, prices for recreation and culture grew at a more subdued pace.

Inflation jumped to 5.7% in May from April’s 5.4%. May's result marked the highest inflation rate since our current records began. Accordingly, the trend pointed up, with annual average inflation coming in at 4.2% in May (April: 3.9%). Finally, core inflation rose to 3.4% in May, from the previous month's 2.6%.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.8% in 2022, which is up 0.2 percentage points from last month’s estimate. In 2023, they expect inflation to average 2.2%.


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Norway Inflation Chart

Norway Inflation May 2022

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

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