Norway Inflation May 2020

Norway

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 May 20 20

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


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