Norway Inflation January 2021

Norway

Norway: Inflation hits highest level since April 2019 in January

January 11, 2021

Consumer prices increased 1.06% over the previous month in January, accelerating from the 0.44% rise logged in December. January's result was the sharpest increase in prices since September 2012. Looking at the details of the release, food and non-alcoholic beverages prices rose in January after dropping in the previous month, while prices pressures for housing and utilities increased.

Inflation rose to 2.5% in January, above December’s 1.4%. January's result marked the highest inflation rate since May 2019. Annual average inflation was unchanged at December's 1.3% in January. Lastly, core inflation fell to 2.7% from the previous month's 3.0%.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.3% in 2021, which is down 0.1 percentage points from last month’s estimate. In 2022, they expect inflation to average 1.9%.


Author:, Economist

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Norway Inflation January 2021

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).


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