Norway Inflation August 2019

Norway

Norway: Inflation softens in August

September 10, 2019

Consumer prices fell 0.7% in August, contrasting July’s 0.7% increase. The fall was primarily due to cheaper prices for food and non-alcoholic beverages, transport and furnishing, household equipment and maintenance.

Inflation ticked down to 1.6% in August, from 1.9% in July, consequently falling further below the Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation inched down to 2.8% in August, from 2.9% in July.

Looking ahead, inflation is projected to remain close to the Norges Bank’s target range, kept in check by a tighter monetary stance. However, a healthy labor market and solid economic growth should prop up price pressures.

The Central Bank projects that inflation will average 2.2% in 2019 and 2.0% in 2020. FocusEconomics Consensus Forecast panelists expect inflation to average 2.3% in 2019, which is unchanged from last month’s estimate. In 2020, they expect inflation to average 1.9%, which is also unchanged from the prior month’s forecast.


Author:, Economist

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Norway Inflation August 2019

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


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