Inflation in Norway

Norway Inflation | Economic News & Forecasts

Norway - Inflation

Inflation softens in August

Consumer prices fell 0.7% in August, contrasting July’s 0.7% increase. The fall was primarily due to cheaper prices for food and non-alcoholic beverages, transport and furnishing, household equipment and maintenance.

Inflation ticked down to 1.6% in August, from 1.9% in July, consequently falling further below the Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation inched down to 2.8% in August, from 2.9% in July.

Looking ahead, inflation is projected to remain close to the Norges Bank’s target range, kept in check by a tighter monetary stance. However, a healthy labor market and solid economic growth should prop up price pressures.

The Central Bank projects that inflation will average 2.2% in 2019 and 2.0% in 2020. FocusEconomics Consensus Forecast panelists expect inflation to average 2.3% in 2019, which is unchanged from last month’s estimate. In 2020, they expect inflation to average 1.9%, which is also unchanged from the prior month’s forecast.

Norway - Inflation Data

2013  2014  2015  2016  2017  
Inflation Rate (CPI, annual variation in %)2.1  2.0  2.2  3.6  1.9  

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Norway Inflation Chart

Norway Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistics Norway and FocusEconomics calculations.

Norway Facts

Bond Yield1.13-0.65 %Sep 04
Exchange Rate9.03-0.38 %Sep 04
Stock Market859-0.08 %Sep 04

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