Norway Inflation February 2016

Norway

Norway: Inflation stabilizes in February

March 10, 2016

In February, consumer prices rose 0.5% over the previous month, which was below the 0.6% increase recorded in January and marked a slightly higher increase then the 0.4% markets had expected. According to Statistics Norway, food and non-alcoholic beverages recorded the strongest increase, while the housing, water, electricity, gas and other fuels component observed that sharpest decline.

Inflation in February was stable at January’s 3.1%, keeping inflation at the highest level since August 2013. Annual average inflation in February was 2.4%, up slightly from January’s reading of 2.3%.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increase 1.0% over the previous month, contrasting January’s 0.1% decrease. Core inflation came in at 3.4% in February, up from 3.0% in January. Core inflation had been generally steady between 2.9% and 3.1%, and February’s figure marks a record high for the series.

The Norwegian Central Bank expects inflation to average 2.75% in 2016 and 2.25% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 2.4% in 2016, which is unchanged from last month’s estimate. In 2017, the panel expects inflation also to average 2.2%.


Author:, Economist

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Norway Inflation February 2016

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