Norway Inflation May 2020


Norway: Inflation hits highest level since January

June 10, 2020

Consumer prices increased 0.18% from the previous month in May, which was below the 0.45% rise seen in April. Looking at the details of the release, the softer increase was driven by declining food prices and slower rises for recreation and culture, and transport costs. However, an uptick in housing and utility, and clothing and footwear prices tempered the overall slowdown.

Inflation came in at 1.3% in May, above April’s 0.8% and marking the highest rate since January. Meanwhile, annual average inflation edged down to 1.4% in May (April: 1.5%). Lastly, core inflation rose to 3.0% from April’s 2.8%.

FocusEconomics Consensus Forecast panelists expect inflation to average 1.1% in 2020, which is unchanged from last month’s estimate. In 2021, they expect inflation to average 2.1%.


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Norway Inflation Chart

Norway Inflation May 20 20

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

Norway Economic News

  • Norway: Norges Bank keeps rate unchanged in May

    May 6, 2021

    At its monetary policy meeting on 6 May, the Executive Board of Norges Bank met market analysts’ expectations and unanimously voted to leave the sight deposit rate at its record low of 0.00%, marking the eighth consecutive hold. On the one hand, the Bank noted the continued pickup in activity since spring last year, and expects that the majority of the population will be vaccinated by the end of this summer, which should further boost momentum.

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  • Norway: Economic activity shrinks at a softer pace in February

    April 12, 2021

    Economic output decreased 0.7% over the prior month in February in seasonally-adjusted terms, reducing slightly from the 0.9% drop in January.

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  • Norway: Inflation eases in March

    April 9, 2021

    Consumer prices fell 0.26% from the previous month in March, swinging from February's 0.70% increase.

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  • Norway: Industrial output deteriorates in February

    April 8, 2021

    Industrial production fell 1.2% month-on-month in seasonally-adjusted terms in February, contrasting the 1.0% growth clocked in January.

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  • Norway: Norges Bank holds rate at zero in March; hints at rate hike in second half of 2021

    March 18, 2021

    At its monetary policy meeting on 17 March, the Executive Board of Norges Bank unanimously decided to keep the sight deposit rate at 0.00%, marking the seventh consecutive meeting of unchanged rates. The Bank’s wait-and-see approach came amid an uptick in inflation in recent months—consumer prices rose at the strongest pace in over two years in February—while the unemployment rate remains well above pre-pandemic levels.

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