Norway Inflation


Norway: Inflation inches up in August

September 10, 2015

In August, consumer prices fell 0.1% over the previous month, which mirrored the 0.1% decrease recorded in July but overshot market expectations of a 0.3% decrease. The reading marked the lowest figure in a year. According to Statistics Norway, the decrease was mainly driven by a fall in the price of transportation, as a result of lower prices for fuels.

Inflation in August increased from July’s 1.8% to 2.0%. Annual average inflation in August eased slightly from July’s 2.1% to 2.0%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, decreased 0.2% over the previous month, which was below the flat growth recorded in July. Annual core inflation came in at 2.9% in August, which was up from July’s reading of 2.6%.

The Norwegian Central Bank expects inflation to average 2.00% in 2015 and 2.25% 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 also to average 2.1%.

Author:, Economist

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Norway Inflation Chart

Norway Inflation August 2015 0

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

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