Norway Inflation March 2016


Norway: Inflation hits nearly-five-year high in March

April 10, 2016

In March, consumer prices rose 0.5% over the previous month, which was level with February’s reading and marked a slightly higher increase then the 0.4% markets had expected. According to Statistics Norway, housing, water, electricity, gas and other fuels, as well as the transportation component observed the strongest price increases and more than offset decreases in the prices of food and non-alcoholic beverages.

Inflation in March inched up from February’s 3.1% to 3.3%, marking the highest reading since April 2010. Annual average inflation in March was 2.5%, up slightly from February’s reading of 2.4%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.3% over the previous month, following February’s 1.0% rise. Core inflation came in at 3.3% in March, down from 3.4% in February.

The Norwegian Central Bank expects inflation to average 3.1% in 2016 and 2.3% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 2.4% in 2016, which is unchanged from last month’s estimate. In 2017, the panel expects inflation also to average 2.2%.

Author:, Economist

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Norway Inflation Chart

Norway Inflation March 2016

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