Norway Inflation May 2019


Norway: Inflation slows in May

June 11, 2019

Consumer prices fell 0.3% in May, contrasting the 0.4% increase logged in April. The fall was due to lower prices for transport, and food and non-alcoholic beverages. On the other hand, prices for clothing and footwear rose at a brisk pace.

Inflation slowed to 2.5% in May from April’s 2.9%, undershooting market analysts’ expectations of 2.9% and closing in on Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation remained unchanged at April’s 3.1%.

Core consumer prices—which are adjusted for tax changes and exclude energy prices—decreased 0.2% in May compared to the previous month, contrasting the 0.5% increase in April. Core inflation slowed to 2.3% in May from 2.6% in April, undershooting market analysts’ expectations of 2.6%.

Norges Bank sees inflation averaging 2.3% in 2019 and 1.7% in 2020. FocusEconomics Consensus Forecast panelists project inflation to average 2.4% in 2019, which is up 0.1 percentage points from last month’s estimate, and 2.0% in 2020.

Author:, Economist

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Norway Inflation Chart

Norway Inflation May 2019

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).

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