Norway Inflation May 2017


Norway: Inflation continues to decline

June 12, 2017

Consumer prices in May rose 0.2% from the previous month, matching April’s reading. The result was driven by higher prices for food and non-alcoholic beverages while prices for transport and communications declined slightly, according to Statistics Norway.

Inflation came in at 2.1% in May, below April’s 2.2% and the lowest figure since September 2015. Annual average inflation was 3.2% in May, down from 3.3% in the previous month, as the downward trend of consumer price inflation in Norway continues after inflation peaked in July 2016.

The core consumer price index, which excludes taxes, fees and energy prices, increased by 0.3% month-on-month in May (April: +0.3% mom). Core inflation inched down from 1.7% in April to 1.6% in May.

The Norges Bank projects inflation to average 2.2% in 2017 and 1.3% in 2018. FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2017, which is unchanged from last month’s estimate. In 2018, the panel expects inflation to average 1.8%.

Author: Marlène Rump, Senior Data Analyst

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Norway Inflation Chart

Norway Inflation May 2017

Note: Year-on-year and month-on-month variation of consumer price index in %.

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