Inflation in Norway
Norway - Inflation (end of period)
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 (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||2.0||2.1||2.3||3.5||1.6|
5 years of economic forecasts for more than 30 economic indicators.
Norway Inflation (eop) Chart
Source: Statistics Norway and FocusEconomics calculations.
|Bond Yield||1.13||-0.65 %||Sep 04|
|Exchange Rate||9.03||-0.38 %||Sep 04|
|Stock Market||859||-0.08 %||Sep 04|
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October 7, 2019
Industrial production decreased a seasonally-adjusted 2.1% in August from the previous month, contrasting July’s 0.6% rise.
September 19, 2019
The executive board of Norges Bank unanimously decided to raise the sight deposit rate to 1.50% from 1.25% at its monetary policy meeting on 18 September.
September 10, 2019
Consumer prices fell 0.7% in August, contrasting July’s 0.7% increase.
September 6, 2019
Industrial production increased a seasonally-adjusted 0.5% in July from the previous month, contrasting June’s 1.3% decline.
August 29, 2019
The economy expanded 0.3% in the second quarter of 2019 in quarter-on-quarter seasonally-adjusted terms, after flatlining in Q1 (previously reported: -0.1% quarter-on-quarter).