Norway Inflation July 2016


Norway: Inflation hits another multi-year high in July

August 10, 2016

In July, consumer prices rose 0.6% over the previous month, which matched June’s reading and overshot market expectations of a 0.1% drop. According to Statistics Norway, higher prices for food and transportation were the main drivers behind the increase. Conversely, prices for accommodation services and clothing fell over the previous month.

Inflation jumped up from June’s 3.7% to 4.4% in July, pushing inflation to its highest level since October 2008. Annual average inflation in July inched up to 3.0% from June’s 2.8%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.7% month-on-month in July, which was above June’s 0.3% rise. Core inflation increased from 3.0% in June to 3.7% in July.

The Norwegian Central Bank expects inflation to average 3.3% in 2016 and 2.2% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 2.9% in 2016, which is unchanged from last month’s estimate. In 2017, the panel expects inflation to average 2.2%.

Author: Marlène Rump, Senior Data Analyst

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Norway Inflation Chart

Norway Inflation July 2016 1

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

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