Norway Inflation


Norway: Inflation increases to multi-year high in November

December 10, 2015

In November, consumer prices rose 0.4% over the previous month, which was in line with the 0.4% increase recorded in October but overshot market expectations of a 0.2% increase. According to Statistics Norway, the increase was mainly driven by higher prices for food and non-alcoholic beverages, as well as prices for housing, water, electricity, gas and other fuels.

Inflation in November increased from October’s 2.5% to 2.8%, which marked the highest reading in since September 2013. Annual average inflation inched up from 2.1% in October to 2.2% in November.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.2% over the previous month, which was in line with last month’s reading. Annual core inflation came in at 3.1% in November, which was just above October’s reading of 3.0%.

The Norwegian Central Bank expects inflation to average 2.75% in 2016 and 2.25% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 2.4% in 2016, which is unchanged from last month’s estimate. In 2017, the panel expects inflation also to average 2.2%.

Author:, Economist

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Norway Inflation Chart

Norway Inflation November 2015

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

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