Norway Inflation June 2017


Norway: Inflation continues to decline in June

July 10, 2017

Consumer prices in June rose 0.4%, up from May’s 0.2%. The result was driven by higher prices for food and non-alcoholic beverages, transport and communications, according to Statistics Norway.

Inflation came in at 1.9% in June, down from 2.1% in May and marking the lowest reading since September 2015. Annual average inflation was 3.1% in June, down from 3.2% in May, 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 0.5% month-on-month in June, up from May’s 0.3% rise. Core inflation was 1.6% in June, matching May’s figure.

The Norges Bank projects inflation to average 1.8% in 2017 and 1.4% 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:, Economist

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Norway Inflation Chart

Norway Inflation June 2017

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

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