Norway: Inflation rebounds in March
April 10, 2013
In March, consumer prices rose 0.3% over the previous month, which was less than half the 0.7% increase tallied in February. According to Statistics Norway, the monthly print mainly reflects a rise in prices for clothing and footwear as well as for housing, water, electricity, gas and other fuels.
Building on the monthly increase, annual headline inflation rose to 1.4% in March from 1.0% in February, which had marked the lowest reading in five months. The figure exceeded market expectations that had inflation rising to 1.3%.
Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.2% in March (February: +0.65% month-on-month), driving annual core inflation to 0.9%, down from 1.1% seen in February.
The Central Bank expects consumer prices to rise 1.5% both in 2013 and 2014. FocusEconomics Consensus Forecast panellists see inflation averaging 1.7% in 2013, which is unchanged from last month's estimate. In 2014, the panel sees inflation at 1.9%.