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Norway Inflation November 2023

Norway: Inflation rises in November

Inflation came in at 4.8% in November, which was up from October’s 4.0%. Looking at the details of the release, the pickup was due to prices for housing and utilities increasing at a quicker pace in November. This outweighed prices for transportation and for recreation and culture growing at more subdued paces.

Still, the trend pointed down, with annual average inflation edging down to 5.6% in November (October: 5.8%). Meanwhile, core inflation receded to 5.8% in November, from the previous month’s 6.0%. Core inflation in November surprised both markets and Norges Bank on the downside, moderating more than anticipated.

Finally, consumer prices rose 0.53% from the previous month in November, which was below October’s 1.00% rise.

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