Norway Inflation January 2016


Norway: Inflation picks up in January

February 10, 2016

In January, consumer prices rose 0.6% over the previous month, which contrasted the 0.4% decrease recorded in December and marked a starker increase than market expectations of a 0.1% rise. The print was the highest figure in four months. According to Statistics Norway, the increase was broad based and reflected price increases in most sub-components, while a notable decrease was observed in prices for clothing and footwear.

Inflation in January climbed from December’s 2.3% to 3.1%, which marked the highest level since August 2013. Annual average inflation in January was 2.3%, up slightly from December’s reading of 2.2%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, decreased 0.1% over the previous month, up from December’s 0.2% decrease. Core inflation came in at 3.0% in January, which was in line with December’s reading. 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 January 2016 0

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