Norway Inflation


Norway: Inflation hits nine-month low in February

March 10, 2015

In February, consumer prices rose 0.4% over the previous month, which contrasted the 0.1% drop tallied in January. The print was slightly below the 0.5% increase that market analysts had expected. According to Statistics Norway, the monthly print mainly reflected a strong rise in food and non-alcoholic beverages.

Annual headline inflation inched down from 2.0% in January to 1.9% in February, which marked a nine-month low. Annual average inflation remained at the previous month’s 2.0% in February.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.5% in February (January: -0.1% month-on-month). Annual core inflation stabilized at January’s 2.4% in February.

The Central Bank expects inflation to average 2.5% in 2015 and 2.75% 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2015, which is unchanged from last month’s estimate. In 2016, the panel expects inflation to average also 2.1%.

Author: Ricard Torné, Lead Economist

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Norway Inflation Chart

Norway Inflation February 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Norway (SN).

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