Norway Inflation November 2016

Norway

Norway: Inflation falls slightly in November

December 9, 2016

Norwegian consumer prices in November climbed 0.2% from the previous month, below the 0.5% increase recorded in October and matching analysts’ expectations. According to Statistics Norway, the price increase was driven by higher prices for housing, water, electricity and gas, clothing and footwear and recreation and culture, while the price of transport and food and non-alcoholic beverages rose compared to October.

Inflation dipped slightly from 3.7% in October to 3.5% in November, the lowest reading in six months but still significantly above the Central Bank’s inflation target of 2.5%. Annual average inflation in November inched up to 3.5% from October’s 3.4%.

The core consumer price index, which excludes taxes, fees and energy prices, fell by 0.1% month-on-month in November (October: +0.2% mom). Core inflation fell from 2.9% in October to 2.6% in November.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.5% in 2017, which is unchanged from last month’s estimate. In 2018, the panel expects inflation to average 2.0%, which is down 0.1 percentage points from last month’s forecast.


Author:, Economist

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Norway Inflation November 2016 0

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


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