Norway Inflation

Norway

Norway: Inflation stabilizes in September

October 10, 2014

In September, consumer prices rose 0.5% over the previous month, which contrasted the 0.3% decrease tallied in August. According to Statistics Norway, the monthly print mainly reflected much higher prices for clothing and footwear as well as a significant increase in prices for housing, water, electricity, gas and other fuels.

Annual headline inflation remained at the previous month’s 2.1% in September, which undershot the 2.4% that market analysts had expected. Annual average inflation inched down from August’s 2.2% to 2.1% in September, which represented a 10-month low.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, rose 0.6% in September (August: -0.5% month-on-month). Annual core inflation rose from 2.2% in August to 2.4% in September.

The Central Bank expects inflation to average 2.0% in both 2014 and 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2014, which is up 0.1 percentage points from last month’s estimate. In 2015, the panel expects inflation to inch up to 2.2%%, which is unchanged over the previous month’s forecast.


Author: Ricard Torné, Head of Economic Research

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Norway Inflation Chart


Norway Inflation September 2014 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Norway (SN).


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