Norway Inflation

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Norway: Inflation stable in May

June 10, 2014

In May, consumer prices rose 0.1% over the previous month. The increase, which marked a deceleration over the 0.4% rise tallied in April, slightly overshot market expectations of no change. According to Statistics Norway, the monthly print mainly reflected much higher prices for food and non-alcoholic beverages.

Annual headline inflation stabilized at the previous month’s 1.8% in May, which is the lowest rate that has been recorded since March 2013. Annual average inflation was also stable at April’s 2.3% in May.

Meanwhile, the core consumer price index, which excludes taxes, fees and energy prices, increased 0.2% in May (April: +0.6% month-on-month). Annual core inflation decreased slightly from 2.5% in April to 2.3% in May, which marked the lowest level in five months.

The Central Bank expects inflation to average 2.0% in both 2014 and 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 2.0% in 2014, which is unchanged from last month’s estimate. In 2015, the panel expects inflation to be broadly stable at 2.1%.


Author: Ricard Torné, Head of Economic Research

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Norway Inflation Chart


China Trade12m May 2014 1

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


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