Norway Inflation October 2022


Norway: Inflation increases to 35-year high in October

November 10, 2022

Inflation continued its upward trend in October, coming in at 7.5%, up from September’s 6.9%. October's reading marked the highest inflation rate since 1987, and surprised markets on the upside; they had penciled in a 7.1% inflation rate. Looking at the details of the release, prices for housing and utilities rose at a faster rate in October. This more than offset prices for transportation grew at a slower rate.

Consequently, the trend pointed up; annual average inflation rose to 5.6% in October (September: 5.3%). Meanwhile, core inflation rose to 5.9% in October, from the previous month’s 5.3%.

Lastly, consumer prices increased 0.32% in October over the previous month, below September's 1.37% rise.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.9% in 2023, which is up 0.1 percentage points from last month’s estimate. In 2024, they expect inflation to average 2.3%.


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Norway Inflation Chart

Norway Inflation October 2022 0

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).

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