Norway Inflation October 2018

Norway

Norway: Inflation moderates in October

November 9, 2018

Consumer prices fell 0.2% month-on-month in October, contrasting the 0.6% gain in September. October’s reading was primarily due to cheaper food and non-alcoholic beverages. On the other hand, clothing and footwear were notably more expensive in October compared to the previous month.

Inflation moderated to 3.1% in October from 3.4% in September, representing a three-month low. Lower prices for clothing and footwear weighed on the headline print. Despite the moderation, inflation remained above Norges Bank’s target rate of 2.0% in October. Annual average inflation ticked up to 2.4% in October from 2.3% in September.

Core consumer prices—which are adjusted for tax changes and exclude energy prices—were flat from the previous month in October, contrasting the 0.5% increase in September. Core inflation undershot market analysts’ expectations of 1.8% in October by falling to 1.6%, down from 1.9% in September.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.0% in 2019, which is up 0.1 percentage points from last month’s estimate. In 2020, our panelists see inflation averaging 1.9%.


Author:, Economist

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Norway Inflation October 2018 0

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


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