Norway Inflation
Inflation falls to over one-year low in July
Inflation came in at 5.4% in July, down from June’s 6.4%. July’s reading represented the weakest inflation rate since April 2022. Despite the downtick, the reading still more than doubled Norges Bank’s 2.0% target. Looking at the details of the release, the moderation was primarily due to a more moderate increase in prices for housing and utilities.
Accordingly, the trend pointed down, with annual average inflation falling to 6.5% in July (June: 6.6%). Meanwhile, core inflation eased to 6.4% in July, down from the prior month’s 7.0%.
Finally, consumer prices increased 0.38% from the previous month in July, slowing down from the 0.62% increase recorded in June. July’s result marked the weakest reading since January.
Norway Inflation Chart
This chart displays Inflation Rate (CPI, annual variation in %) for Norway from 2013 to 2022.
Norway Inflation Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.8 | 2.2 | 1.3 | 3.5 | 5.8 |
| Inflation (CPI, ann. var. %, eop) | 3.5 | 1.4 | 1.4 | 5.3 | 5.9 |
| Inflation (HICP, ann. var. %, aop) | 3.0 | 2.3 | 1.2 | 3.9 | 6.2 |
| Inflation (Core, ann. var. %, aop) | 1.5 | 2.2 | 3.0 | 1.7 | 3.9 |
| Inflation (PPI, ann. var. %, aop) | 14.8 | -3.6 | -10.2 | 37.8 | 51.9 |