Norway Inflation May 2016

Norway

Norway: Inflation hits almost-seven-year high in May

June 10, 2016

In May, consumer prices rose 0.4% over the previous month, which was up from the 0.3% increase registered in April and overshot market expectations of a 0.3% rise. According to Statistics Norway, higher prices for transport, particularly for international and domestic flights, were behind the increase.

Inflation inched up from April’s 3.2% to 3.4% in May. The modest increase has pushed inflation to its highest level since June 2009, as the historically weak value of the krone has resulted in stronger inflationary pressure. Annual average inflation in May was 2.7%, up slightly from April’s reading of 2.6%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, was steady at April’s 0.4% month-on-month rise. Core inflation inched down in May to 3.2% from April’s 3.3%.

The Norwegian Central Bank expects inflation to average 3.1% in 2016 and 2.3% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 2.4% in 2016, which is unchanged from last month’s estimate. In 2017, the panel expects inflation also to average 2.2%.


Author:, Economist

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Norway Inflation May 2016

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