Norway Inflation January 2017


Norway: Inflation declines in January

February 10, 2017

Consumer prices in January declined 0.1% from the previous month, above the 0.5% decrease recorded in December. According to Statistics Norway, the price decrease was driven by lower prices for clothing and footwear and furnishing and household equipment, but was slightly offset by higher prices for transportation as energy prices increased.

Inflation came in at 2.8% in January (December: 3.5%), the lowest reading in over a year. Starting with this release of the Consumer Price Index, Statistics Norway is using 2015 as a base year (2015=100). Annual average inflation inched down from 3.6% in December to 3.5% in January.

The core consumer price index, which excludes taxes, fees and energy prices, fell by 0.5% month-on-month in January (December: -0.3% mom). Core inflation eased from 2.5% in December to 2.1% in January, the lowest figure seen in over three years.

The Norges Bank projects inflation to average 2.3% in 2017 and 1.8% in 2018. FocusEconomics Consensus Forecast panelists expect inflation to average 2.5% in 2017, which is unchanged from last month’s estimate. In 2018, the panel expects inflation to average 2.1%.

Author: Marlène Rump, Senior Data Analyst

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