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.
Author: Edward Gardner, Economist