Norway Inflation June 2016

Norway

Norway: Inflation hits highest rate in over seven years in June

July 14, 2016

In June, consumer prices rose 0.6% over the previous month, which was up from the 0.4 % increase registered in May and overshot market expectations of a 0.1% drop. According to Statistics Norway, higher prices for food, fuels and electricity were the main drivers behind the increase. Conversely, prices for furniture and furnishing fell over the previous month.

Inflation edged up from May’s 3.4% to 3.7% in June. The modest increase has pushed inflation to its highest level since October 2008. Annual average inflation in June inched up to 2.8% from May’s 2.7%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.3% month-on-month in June, which was a tad below May’s 0.4% rise. Core inflation inched down in June to 3.0% from May’s 3.2%.

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 2.8% in 2016, which is unchanged from last month’s estimate. In 2017, the panel expects inflation to average 2.2%.


Author:, Economist

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