Norway Inflation

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Norway: Inflation increases in December

January 9, 2015

In December, consumer prices were flat over the previous month, which followed the 0.1% increase tallied in November. The print was in line with market expectations. According to Statistics Norway, the monthly print mainly reflected that lower prices for food and non-alcoholic beverages, and transportation were offset by higher prices in all of the remaining categories.

Annual headline inflation inched up from 1.9% in November to 2.1% in December, which marked the highest print in three months. Annual average inflation stabilized at the previous month’s 2.0% in December.

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

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 December 2014

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


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