Norway Inflation


Norway: Inflation inches down in January

February 10, 2015

In January, consumer prices fell 0.1% over the previous month, which followed the flat reading tallied in December. The print was above the 0.3% drop that market analysts had expected. According to Statistics Norway, the monthly print mainly reflected a sharp contraction in clothing and footwear as well as a decline in recreation and culture.

Annual headline inflation inched down from 2.1% in December to 2.0% in January. Annual average inflation stabilized at the previous month’s 2.0% in January, which marked a 15-month low.

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

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 January 2015

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

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