Norway Inflation December 2018


Norway: Inflation is stable in December, remaining well above Norges Bank's target

January 10, 2019

Consumer prices were unchanged in December compared to the previous month, contrasting the 0.5% rise in November. December’s reading was primarily due to lower food and non-alcoholic beverage prices compensating for costlier housing, water, electricity, gas and other fuels, in addition to more expensive furnishings, household equipment and routine maintenance.

Inflation remained stable at November’s 3.5% in December. Inflation therefore surpassed Norges Bank’s target rate of 2.0% again. Meanwhile, annual average inflation rose to 2.8% in December from 2.6% in November.

Core consumer prices—which are adjusted for tax changes and exclude energy prices—were unchanged in December compared to the previous month, contrasting the 0.3% rise in November. Core inflation decelerated to 2.1% in December from 2.2% in the prior month, but was still higher than market analysts’ expectations of 1.9%.

Norway Inflation Forecast

Norges Bank expects inflation to average 1.8% in 2019 and 1.6% in 2020. FocusEconomics Consensus Forecast panelists expect inflation to average higher than the Central Bank. In 2019, inflation is seen by our panel averaging 2.0%, which is unchanged from last month’s estimate. In 2020, our panelists see inflation averaging 1.9%.

Author:, Economist

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Norway Inflation Chart

Norway Inflation December 2018

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

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