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Norway Inflation February 2024

Norway: Inflation declines to a four-month low in February

Inflation inched down to 4.5% in February, following January’s 4.7%. February’s figure represented the weakest inflation rate since October 2023. Looking at the details of the release, the deceleration was largely driven by a slower increase in prices for food and non-alcoholic beverages, which outweighed stronger price increases for transport, and for housing and utilities.

Accordingly, the trend pointed down mildly, with annual average inflation coming in at 5.2% in February (January: 5.3%). Meanwhile, core inflation fell more than both markets and Norges Bank had anticipated to 4.9% in February, from January’s 5.3%. The print was the lowest in 18 months.

Finally, consumer prices rose 0.23% in February over the previous month, picking up from the 0.08% increase seen in January.

Our panelists expect inflation will gradually ease from current levels through Q4 2024 on the delayed impact of elevated interest rates. While it will still average above Norges Bank’s 2.0% target in 2024, it will slow notably from 2023’s level this year.

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