Norway Inflation March 2019


Norway: Inflation ticks down in March

April 10, 2019

Consumer prices rose 0.2% in March compared to the previous month, down from the 0.8% increase in February. This latest increase was due to higher prices for clothing and footwear; however, lower prices for food and non-alcoholic beverages, and housing, water, electricity, gas and other fuels weighed on the overall price gains.

Inflation ticked down to 2.9% in March from 3.0% in February, although it remained above Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation remained unchanged at 3.0%.

Core consumer prices—which are adjusted for tax changes and exclude energy prices—rose 0.3% in March compared to the previous month, down from 1.2% in February. Core inflation accelerated to 2.7% from 2.6%, which was above market analysts’ expectations of 2.5%.

FocusEconomics Consensus Forecast panelists expect inflation to average higher than the Central Bank. In 2019, inflation is seen by our panel averaging 2.2%, which is unchanged from last month’s estimate. In 2020, our panelists see inflation averaging 1.9%.

Author:, Economist

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Norway Inflation Chart

Norway Inflation March 2019 1

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

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