Inflation in Norway
Norway - Inflation (end of period)
Inflation increases to 35-year high in October
Inflation continued its upward trend in October, coming in at 7.5%, up from September’s 6.9%. October's reading marked the highest inflation rate since 1987, and surprised markets on the upside; they had penciled in a 7.1% inflation rate. Looking at the details of the release, prices for housing and utilities rose at a faster rate in October. This more than offset prices for transportation grew at a slower rate.
Consequently, the trend pointed up; annual average inflation rose to 5.6% in October (September: 5.3%). Meanwhile, core inflation rose to 5.9% in October, from the previous month’s 5.3%.
Lastly, consumer prices increased 0.32% in October over the previous month, below September's 1.37% rise.
FocusEconomics Consensus Forecast panelists expect inflation to average 3.9% in 2023, which is up 0.1 percentage points from last month’s estimate. In 2024, they expect inflation to average 2.3%.
Norway - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||2.3||3.5||1.6||3.5||1.4|
5 years of economic forecasts for more than 30 economic indicators.
Norway Inflation (eop) 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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November 18, 2022
The Norwegian economy gained steam in the third quarter of 2022; GDP growth accelerated to 1.5% in seasonally adjusted quarter-on-quarter terms.
November 10, 2022
Inflation continued its upward trend in October, coming in at 7.5%, up from September’s 6.9%.
November 7, 2022
Industrial output declined 2.4% in month-on-month seasonally-adjusted terms in September, which contrasted August's 3.1% increase.
November 2, 2022
At its 2 November meeting, the Executive Board of Norges Bank unanimously voted to deliver a 25 basis point increase and bring the sight deposit rate to 2.50%–its highest level since February 2009.
October 10, 2022
Inflation resumed its upward trend in September and came in at 6.9%, up from August’s 6.5%.