Norway Inflation February 2017

Norway

Norway: Inflation dips again in February

March 10, 2017

Consumer prices in February rose 0.4% from the previous month, contrasting January’s 0.1% decline. According to Statistics Norway, the price rise was driven by higher prices for food and non-alcoholic beverages, alcoholic beverages and tobacco and furnishings, household equipment and routine maintenance.

Inflation came in at 2.5% in February (January: 2.8%), the lowest reading in over a year, while annual average inflation was 3.5% in February, mirroring January’s figure.

The core consumer price index, which excludes taxes, fees and energy prices, increased by 0.5% month-on-month in February (January: -0.5% mom). Core inflation eased from 2.1% in January to 1.6% in February.

The Norges Bank projects inflation to average 2.3% in 2017 and 1.8% in 2018. FocusEconomics Consensus Forecast panelists expect inflation to average 2.4% in 2017, which is down 0.1 percentage points 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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Norway Inflation February 2017

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


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