Norway Inflation


Norway: Inflation falls to lowest level in over a year

August 10, 2015

In July, consumer prices fell 0.1% over the previous month, which contrasted the 0.3% increase recorded in June and undershot market expectations of no change. According to Statistics Norway, the increase was mainly driven by a fall in the prices of clothing and electricity.

Inflation in July fell from June’s 2.6% to 1.8%, the lowest reading since May 2014. Annual average inflation in July was unchanged over June, coming in at 2.1%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, recorded flat growth over the previous month, which was below June’s reading of 0.5%. Annual core inflation came in at 2.6% in July, which was down from June’s 3.2%.

The Norwegian Central Bank expects inflation to average 2.25% in both 2015 and 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2015, which is unchanged from last month’s estimate. In 2016, the panel expects inflation also to average 2.1%.

Author:, Economist

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Norway Inflation Chart

Norway Inflation July 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Norway (SN).

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