Norway Inflation September 2018

Norway

Norway: Inflation holds steady at August's over one-and-a-half year high in September

October 10, 2018

Consumer prices rose 0.6% month-on-month in September, contrasting the 0.4% decrease in August. September’s reading was due to higher prices for clothing and footwear; education; and furnishings, household equipment and routine maintenance. On the other hand, lower prices for food and non-alcoholic beverages tamed the overall increase somewhat.

Inflation remained unchanged from August’s over one-and-a-half year high of 3.4% in September. As a result, inflation remained above Norges Bank’s target rate of 2.0% in September. Annual average inflation ticked up to 2.3% in September from 2.1% in August.

Core consumer prices—which are adjusted for tax changes and exclude energy prices—rose 0.5% month-on-month in September, contrasting August’s 0.5% fall. Core inflation remained at August’s 1.9% in September.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.4% in 2018, which is up 0.1 percentage points from last month’s estimate. In 2019, our panelists see inflation averaging 1.9%.


Author:, Economist

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