Norway Inflation August 2021

Norway

Norway: Inflation hits over two-year high in August

September 10, 2021

Consumer prices were unchanged over the previous month in August, following the 0.87% price increase recorded in July. August's result marked the weakest reading since May. Looking at the details of the release, food and non-alcoholic beverages prices dropped in August compared to the previous month and price pressures for transportation also dropped. Meanwhile, price pressures for housing and utilities intensified.

Inflation came in at 3.4% in August, up from July’s 3.0%. August's reading represented the highest inflation rate since December 2018. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 2.4% in August (July: 2.3%). Finally, core inflation edged down to 1.0% in August, from the previous month's 1.2%.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.7% in 2021, which is unchanged from last month’s estimate. In 2022, they expect inflation to average 1.8%, which is also unchanged from the prior month’s forecast.


Author:, Junior Economist

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Norway Inflation August 2021 0

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


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