Norway Inflation October 2016


Norway: Inflation edges up in October

November 10, 2016

In October, consumer prices climbed 0.5% from the previous month, which came in above September’s reading (+0.3% month-on-month) and overshot the 0.3% increase markets had forecasted. According to Statistics Norway, higher prices for housing and utilities drove the index up in October.

Inflation increased to 3.7% in October from 3.6% in September. October’s rate is largely above the Central Bank’s target of a 2.5% annual change in consumer prices. Annual average inflation in October inched up to 3.4% from September’s 3.3% and marked the highest level seen since June 2009.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.2% month-on-month in October (September +0.3%). Core inflation was steady at September’s 2.9% in October.

The Norwegian Central Bank expects inflation to average 3.6% in 2016 and 2.6% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 3.3% in 2016, which is up 0.1 percentage points from last month’s estimate. In 2017, the panel expects inflation to average 2.4%, which is unchanged from last month’s forecast.

Author: Marlène Rump, Senior Data Analyst

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Norway Inflation Chart

Norway Inflation October 2016 0

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

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