Norway Inflation July 2019

Norway

Norway: Inflation holds steady in July at close to the Central Bank's target

August 9, 2019

Consumer prices jumped 0.7% in July, up from June’s 0.1% increase. The rise was primarily due to higher food and transport prices.

Inflation was stable at June’s 1.9% in July, remaining below the Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation inched down to 2.9% in July from 3.0% in June.

Looking ahead, inflation is projected to remain close to the Norges Bank’s target range, kept in check by a base effect and a tighter monetary stance. However, robust economic activity and a tight labor market should prop up price pressures.

Norges Bank sees inflation averaging 2.2% in 2019 and 1.9% in 2020. FocusEconomics Consensus Forecast panelists project inflation to average 2.4% in 2019, which is unchanged from last month’s estimate, and 1.9% in 2020.


Author:, Economist

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Norway Inflation July 2019

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


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