Inflation in Norway
Norway - Inflation
Inflation increases to 34-year high in July
Consumer prices increased 1.31% from the previous month in July, picking up from the 0.91% rise seen in June. July's result was the sharpest increase in prices since September 2008. Looking at the details of the release, food and non-alcoholic beverages prices rose at a quicker pace in July compared to the previous month, which more than offset price pressures for transportation easing.
Inflation rose to 6.8% in July, following June’s 6.3%. July's figure surprised analysts on the upside for a fourth consecutive month, and was the highest inflation rate since July 1988. Consequently, the trend pointed up, with annual average inflation rising to 4.8% in July (June: 4.4%). Lastly, core inflation rose to 4.5% in July, from June’s 3.6%.
FocusEconomics Consensus Forecast panelists expect inflation to average 4.7% in 2022, which is up 0.2 percentage points from last month’s estimate. In 2023, they expect inflation to average 2.6%.
Norway - Inflation Data
|Inflation Rate (CPI, annual variation in %)||2.2||3.6||1.9||2.8||2.2|
5 years of economic forecasts for more than 30 economic indicators.
Norway Inflation Chart
Source: Statistics Norway and FocusEconomics calculations.
|Bond Yield||1.58||-0.65 %||Jan 01|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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September 21, 2022
At its 21 September meeting, the Executive Board of Norges Bank unanimously voted to increase the sight deposit rate by another 50 basis points, bringing it to 2.25%—its highest level since November 2011.
September 8, 2022
Economic growth returned in July, as GDP expanded 0.3% over the prior month in seasonally adjusted terms, swinging from the 0.5% decline recorded in June.
September 7, 2022
Industrial output increased 1.5% in month-on-month seasonally-adjusted terms in July, which contrasted June's 1.4% decrease.
August 18, 2022
The Norwegian economy avoided technical recession in the second quarter of 2022, as GDP rebounded 0.7% on a seasonally-adjusted quarter-on-quarter basis.
August 18, 2022
At its 17 August monetary policy meeting, the Executive Board of Norges Bank unanimously voted to increase the sight deposit rate by another 50 basis points, bringing it to 1.75%—its highest level since February 2012.