Norway Inflation November 2019

Norway

Norway: Inflation eases in November

December 10, 2019

Consumer prices increased 0.3% in November, up from October’s 0.2% rise. The increase was primarily due to higher prices for recreation and culture, housing and utilities, and clothing and footwear.

Inflation ticked down to 1.6% in November, from 1.8% in October, consequently moving further from the Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation inched down to 2.3% in November, from 2.5% the month prior.

Next year, inflation is expected to average at or close to the Norges Bank’s target range, thanks to stronger economic growth adding upward pressure on prices. That being said, higher interest rates compared to recent years should keep price pressures in check.

The Central Bank projects that inflation will average 2.0% in 2020. FocusEconomics Consensus Forecast panelists expect inflation to average 2.0% in 2020, which is unchanged from last month’s estimate. In 2021, they also expect inflation to average 2.0%.


Author:, Economist

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Norway Inflation November 2019

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).


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