Inflation in Norway

Norway Inflation | Economic News & Forecasts

Norway - Inflation

Inflation holds steady in April, above Norges Bank target for fifteenth month running

Consumer prices rose 0.4% in April compared to the previous month, up from 0.2% in March. This latest increase was due to higher prices for transport, communications, and recreation and culture. However, lower prices for food and non-alcoholic beverages, and housing, water, electricity, gas and other fuels weighed on the overall price gains.

Inflation was steady at March’s 2.9% in April, although it remained above Norges Bank’s 2.0% target rate for the fifteenth consecutive month. Meanwhile, annual average inflation ticked up to 3.1% from 3.0%.

Core consumer prices—which are adjusted for tax changes and exclude energy prices—rose 0.5% in April compared to the previous month, up from 0.3% in March. Core inflation dropped to 2.6% in April from 2.7% in March, but was still 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 2.3%, which is up 0.1 percentage points from last month’s estimate. In 2020, our panelists see inflation averaging 1.9%.

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 Yield1.65-0.65 %May 13
Exchange Rate8.77-0.38 %May 13
Stock Market861-0.08 %May 13

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