Norway Inflation December 2019


Norway: Inflation softens in December

January 10, 2020

Consumer prices decreased 0.3% in December, contrasting November’s 0.3% rise. The fall was primarily due to lower prices for food and non-alcoholic beverages, and clothing and footwear.

Inflation ticked down to 1.4% in December from 1.6% in November, consequently moving further from the Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation inched down to 2.2% in December from 2.3% the month prior.

Going forward, inflation is projected to average at or close to the Norges Bank’s target range, due to stronger economic growth adding upward pressure on prices. That being said, higher interest rates compared to recent years should keep price pressures in check.

The Central Bank projects that inflation will average 2.0% in 2020. FocusEconomics Consensus Forecast panelists also expect inflation to average 2.0% in 2020, which is unchanged from last month’s estimate. In 2021, they expect inflation to average 2.1%.

Author:, Economist

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Norway Inflation Chart

Norway Inflation December 2019

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

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