Norway Inflation


Norway: Inflation inches up in June

July 10, 2014

In June, consumer prices fell 0.2% over the previous month. The decline, which contrasted the 0.1% increase tallied in May, was in line with market expectations. According to Statistics Norway, the monthly print mainly reflected lower prices for food and non-alcoholic beverages, transport and for clothing and footwear.

Annual headline inflation inched up from the previous month’s 1.8% to 1.9% in June, which is the highest rate that has been recorded in three months. Annual average inflation, however, was stable at May’s 2.3% in June.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, fell 0.2% in June (May: +0.2% month-on-month). Annual core inflation increased slightly from 2.3% in May to 2.4% in June.

The Central Bank expects inflation to average 2.0% in both 2014 and 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 2.0% in 2014, which is unchanged from last month’s estimate. In 2015, the panel expects inflation to be broadly stable at 2.1%.

Author: Ricard Torné, Lead Economist

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Norway Inflation Chart

China Trade12m June 2014 1

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

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