Norway Inflation


Norway: Inflation inches up in September

October 9, 2015

In September, consumer prices rose 0.6% over the previous month, which contrasted the 0.1% decrease recorded in August but undershot market expectations of a 0.7% increase. The reading marked the highest figure in over a year. According to Statistics Norway, the increase was mainly driven by higher prices for clothing as this time of year marks the end of seasonal sales, and an introduction of autumn and winter clothing.

Inflation in September increased from August’s 2.0% to 2.1%. Annual average inflation in September was steady at August’s reading of 2.0%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.8% over the previous month, which contrasted the 0.2% decrease observed in August. Annual core inflation came in at 3.1% in September, which was up from August’s reading of 2.9%.

The Norwegian Central Bank expects inflation to average 2.25% in 2015 and 2.75% in 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 2.3%.

Author:, Economist

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Norway Inflation Chart

Norway Inflation September 2015

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

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