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Norway Inflation December 2023

Norway: Inflation remains steady in December

Inflation came in at 4.8% in December, unchanged from November’s figure. Looking at the details of the release, prices for housing and utilities increased at a quicker pace in December, and prices for transportation also rose at a faster rate. These developments were offset by prices for recreation and culture growing at a more subdued pace.

Still, the trend pointed down, with annual average inflation ticking down to 5.5% in December (November: 5.6%). Meanwhile, core inflation fell to 5.5% in December, from November’s 5.8%.

Lastly, consumer prices increased 0.08% in December over the previous month, a smaller increase than the 0.53% increase logged in November.

In 2024, inflation will average below 2023’s level, thanks to the delayed impact of tight monetary policy in 2023, a higher unemployment rate and the expected strengthening of the krone. Nevertheless, inflation will still average above Norges Bank’s 2.0% target this year.

Meanwhile, core inflation slowed more than market analysts had anticipated in December. The consolidation of the downward trend could confirm the end of Norges Bank’s tightening cycle, after the Bank held fire at its latest meeting on 24 January.

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