Inflation in Norway
Norway - Inflation
Inflation ticks down in February, but core inflation accelerates quickly
Consumer prices rose 0.8% in February compared to the previous month, contrasting the 0.5% fall in January. This latest outturn was due to higher prices for food and non-alcoholic beverages, and more expensive clothing and footwear. On the other hand, prices for housing, water, electricity, gas and other fuels fell in February.
Inflation ticked down to 3.0% in February from 3.1% in January, although it remained above Norges Bank’s 2.0% target rate again. Meanwhile, annual average inflation accelerated to 3.0% from 2.9%.
Core consumer prices—which are adjusted for tax changes and exclude energy prices—rose 1.2% in February compared to the previous month, contrasting the 0.7% fall in January. Core inflation notably accelerated to 2.6% from 2.1%.
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 2.2%, which is up 0.1 percentage points 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||1.60||-0.65 %||Mar 11|
|Exchange Rate||8.66||-0.38 %||Mar 11|
|Stock Market||864||-0.08 %||Mar 11|
Get a sample report showing our regional, country and commodities data and analysis.
Start Your Free Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
March 11, 2019
Consumer prices rose 0.8% in February compared to the previous month, contrasting the 0.5% fall in January.
March 8, 2019
According to monthly GDP data released by Statistics Norway, total economic output increased 0.2% in January compared to the previous month in seasonally-adjusted terms, contrasting December’s flat growth reading.
March 7, 2019
According to Statistics Norway, industrial production fell a seasonally-adjusted 2.2% in January compared to the previous month, representing a deterioration from the 1.0% fall in December.
February 11, 2019
Consumer prices fell 0.5% in January compared to the previous month, contrasting the steady reading in December.
February 8, 2019
The economy grew a seasonally-adjusted 0.5% in the fourth quarter, down from 0.6% in the third quarter and hampered by the large fall in oil prices observed in the period.