Norway Inflation


Norway: Inflation increases to four-month high in October

November 10, 2015

In October, consumer prices rose 0.4% over the previous month, which was slightly below the 0.6% increase recorded in September but overshot market expectations of a 0.2% increase. According to Statistics Norway, the increase was mainly driven by higher prices for housing and utilities as well as for clothing and footwear, which more than offset lower prices for food and non-alcoholic beverages.

Inflation in October increased from September’s 2.1% to 2.5%, which marked the highest reading in four months. Annual average inflation inched up from 2.0% in September to 2.1% in October.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.2% over the previous month, which was down from the 0.8% increase observed in September. Annual core inflation came in at 3.0% in October, which was just below September’s reading of 3.1%.

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 2.2% in 2015, which is unchanged from last month’s estimate. In 2016, the panel expects inflation also to average 2.8%, which is also unchanged from last month’s forecast.

Author:, Economist

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Norway Inflation Chart

Norway Inflation October 2015

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

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