Norway Inflation


Norway: Inflation inches up in May

June 10, 2015

In May, consumer prices rose 0.2% over the previous month, which was slightly below the 0.4% increase recorded in April and in line with market expectations. According to Statistics Norway, the increase was mainly driven by an increase in the prices of food and non-alcoholic beverages.

May’s annual headline inflation reading inched up from April’s 2.0% to 2.1%. Annual average inflation in May remained at the previous month’s 2.0%

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.5% over the previous month, which was slightly above April’s reading of 0.4%. Annual core inflation ticked up from April’s 2.1% to 2.4% in May.

The Norwegian Central Bank expects inflation to average 2.25% in both 2015 and 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 May 2015 0

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

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