Inflation in Norway
Norway - Inflation
Inflation is stable in December, remaining well above Norges Bank’s target
Consumer prices were unchanged in December compared to the previous month, contrasting the 0.5% rise in November. December’s reading was primarily due to lower food and non-alcoholic beverage prices compensating for costlier housing, water, electricity, gas and other fuels, in addition to more expensive furnishings, household equipment and routine maintenance.
Inflation remained stable at November’s 3.5% in December. Inflation therefore surpassed Norges Bank’s target rate of 2.0% again. Meanwhile, annual average inflation rose to 2.8% in December from 2.6% in November.
Core consumer prices—which are adjusted for tax changes and exclude energy prices—were unchanged in December compared to the previous month, contrasting the 0.3% rise in November. Core inflation decelerated to 2.1% in December from 2.2% in the prior month, but was still higher than market analysts’ expectations of 1.9%.
Norway Inflation Forecast
Norges Bank expects inflation to average 1.8% in 2019 and 1.6% in 2020. FocusEconomics Consensus Forecast panelists expect inflation to average higher than the Central Bank. In 2019, inflation is seen by our panel averaging 2.0%, which is unchanged from last month’s estimate. In 2020, our panelists see inflation averaging 1.9%.
Norway - Inflation Data
|Inflation Rate (CPI, annual variation in %)||2.1||2.0||2.2||3.6||1.9|
5 years of economic forecasts for more than 30 economic indicators.
Norway Inflation Chart
Source: Statistics Norway and FocusEconomics calculations.
|Bond Yield||1.77||-0.65 %||Jan 14|
|Exchange Rate||8.55||-0.38 %||Jan 14|
|Stock Market||837||-0.08 %||Jan 14|
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January 10, 2019
Consumer prices were unchanged in December compared to the previous month, contrasting the 0.5% rise in November.
January 9, 2019
According to monthly GDP data released by Statistics Norway, total economic output fell 0.3% in November compared to the previous month in seasonally-adjusted terms, contrasting October’s revised 1.1% increase (previously reported: +0.8% month-on-month).
January 8, 2019
According to Statistics Norway, industrial production fell a seasonally-adjusted 1.5% in November compared to the previous month, contrasting the 2.3% rise in October.
December 13, 2018
In line with market analysts’ expectations, Norges Bank announced on 13 December that it was keeping the sight deposit rate unchanged at 0.75%.
December 11, 2018
According to monthly GDP data released by Statistics Norway, the total economy grew 0.8% in October over the previous month in seasonally-adjusted terms, contrasting September’s revised 0.5% contraction (previously reported: -0.6% month-on-month).