Norway: Inflation moderates in February
March 10, 2014
In February, consumer prices rose 0.5% over the previous month. The spike, which marked an increase over the flat reading tallied in January, was in line with market expectations. According to Statistics Norway, the monthly print mainly reflected higher prices for transport as well as for food and non-alcoholic beverages. Annual headline inflation declined from 2.3% in January to 2.1% in February. Annual average inflation, however, inched up from 2.2% in January to 2.3% in February, which represented the highest rate since January 2011. Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.6% in February (January: -0.1% month-on-month). Annual core inflation decreased slightly from 2.5% in January to 2.4% in February. The Central Bank expects inflation to average 1.5% in 2014 and 2.0% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 1.9% in 2014, which is down 0.1 percentage points from last month's estimate. In 2015, the panel sees inflation at 2.1%.