Norway Inflation January 2018


Norway: Inflation remains steady in January

February 9, 2018

Consumer prices decreased 0.1% in January from the previous month—below market expectations of no change and representing the first month-on-month decline since August last year. According to Statistics Norway, consumer prices fell in January because of cheaper clothing and footwear, which more than outweighed costlier food and non-alcoholic beverages.

Inflation held steady at December’s 1.6% in January, in line with market analyst expectations and below the Central Bank’s target of 2.5%. Annual average inflation decelerated from 1.9% in December to 1.8% in January.

Core consumer prices—which excludes taxes, fees and energy prices—decreased 0.8% month-on-month in January, a contrast to the 0.1% increase in December. Core inflation slowed to 1.1% in January, down from 1.4% in December.

The Central Bank projects that inflation will average 1.9% in 2018 and 1.8% in 2019. FocusEconomics Consensus Forecast panelists expect inflation to be more subdued in 2018 and average 1.7%, which is nevertheless up 0.1 percentage points from last month’s estimate. Our panelists expect inflation will average 1.9% in 2019.

Author:, Economist

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Norway Inflation Chart

Norway Inflation January 2018 0

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

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