Norway: Inflation falls in September
October 10, 2013
In September, consumer prices rose 0.5% over the previous month. The reading contrasted the 0.1% decline tallied in August but came in below the 0.9% increase market analysts had expected. According to Statistics Norway, the monthly print mainly reflects higher prices for clothing and footwear as well as housing, water, electricity, gas and other fuels.
Annual headline inflation declined from 3.2% in August - which had marked the highest reading since April 2010 - to 2.8% in September. Annual average inflation edged up from 1.7% in August to 1.9% in September.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.4% in September (August: -0.1% month-on-month). Annual core inflation, however, declined from 2.5% in August to 1.7% in September.
The Central Bank expects inflation to average 1.8% in 2013 before moderating to 1.5% in 2014. FocusEconomics Consensus Forecast panelists expect inflation to average 1.9% in 2013, which is up 0.1 percentage points from last month's estimate. In 2014, the panel sees inflation steady at 1.9%, which is unchanged from last month's projection.