Norway Inflation April 2017

Norway

Norway: Inflation slips in April

May 10, 2017

Consumer prices in April rose 0.2% from the previous month, slightly below March’s 0.3% rise. According to Statistics Norway, the price increase was driven by higher prices for clothing and footwear and transportation, while prices for food, beverages and tobacco declined.

Inflation came in at 2.2% in April, below March’s 2.4% and the lowest figure since December 2015. Meanwhile annual average inflation was 3.3% in April, down from 3.4% in the previous month, as the downward trend of consumer price inflation in Norway continues after inflation peaked in July 2016.

The core consumer price index, which excludes taxes, fees and energy prices, increased by 0.3% month-on-month in April (March: +0.4% mom). Core inflation was steady at 1.7% in April.

The Norges Bank projects inflation to average 2.2% in 2017 and 1.3% in 2018. FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2017, which is down 0.2 percentage points from last month’s estimate. In 2018, the panel expects inflation to average 1.9%.


Author: Marlène Rump, Senior Data Analyst

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Norway Inflation April 2017

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


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