Norway Inflation December 2015


Norway: Inflation moderates in December

January 11, 2016

In December, consumer prices fell 0.4% over the previous month, which contrasted the 0.4% increase recorded in November and marked a starker decrease than market expectations of a 0.2% drop. The print was the lowest figure recorded since July 2012. According to Statistics Norway, the decrease was mainly driven by lower prices for food and non-alcoholic beverages, as well as prices for housing, water, electricity, gas and other fuels.

Inflation in December eased from November’s 2.8% to 2.3%. Annual average inflation in December was level with November’s reading of 2.2%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, decreased 0.2% over the previous month, which contrasted November’s 0.2% increase. Annual core inflation came in at 3.0% in December, which was broadly in line with November’s reading of 3.1%. Annual core inflation has been generally steady between 2.9% and 3.1% since August 2015.

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 2.5% in 2016, which is up 0.1 percentage points 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 December 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
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