Norway Inflation February 2021

Norway

Norway: Inflation hits over two-year high in February

February 10, 2021

Consumer prices increased 0.70% over the previous month in February, a smaller increase than January's 1.06% rise. The softer rise was largely driven by a softer increase in prices for housing and utilities. In addition, price pressures for transportation also moderated, while prices for recreation and culture dropped.

Inflation increased to 3.3% in February, above January’s 2.5%. February's reading represented the highest inflation rate since December 2018. Annual average inflation edged up to 1.5% in February (January: 1.3%). Core inflation was steady, coming in at January's 2.7% in February.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.2% in 2021, which is down 0.1 percentage points from last month’s estimate. In 2022, they expect inflation to average 1.8%.


Author:, Economist

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Norway Inflation February 2021

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


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