Norway Inflation December 2016


Norway: Inflation steady in December

January 10, 2017

Consumer prices in December declined 0.5% from the previous month, contrasting the 0.2% increase recorded in November and undershooting analysts’ expectations of a 0.1% drop. According to Statistics Norway, the price decrease was driven by lower prices for food and non-alcoholic beverages, housing and utilities and clothing and footwear.

Inflation was unchanged at 3.5% in December, the lowest reading in seven months but still significantly above the Central Bank’s inflation target of 2.5%. Annual average inflation in December was also stable at 3.5%, an almost eight-year high.

The core consumer price index, which excludes taxes, fees and energy prices, fell by 0.4% month-on-month in December (November: -0.1% mom). Core inflation inched down from 2.6% in November to 2.5% in December.

The Norges Bank projects inflation to average 2.3% in 2017 and 1.8% in 2018. FocusEconomics Consensus Forecast panelists expect inflation to average 2.5% in 2017, which is unchanged from last month’s estimate. In 2018, the panel expects inflation to average 2.0%.

Author: Marlène Rump, Senior Data Analyst

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Norway Inflation December 2016 0

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

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