Producer Prices in Norway
Norway - Producer Prices
Inflation dips below the Central Bank’s target in June
Consumer prices ticked up 0.1% in June, contrasting the 0.3% decrease posted in May. The increase was primarily due to higher food and transport prices.
Inflation slowed to 1.9% in June from 2.5% in May, the weakest reading since January 2018. Moreover, the print was slightly below the Norges Bank’s 2.0% target rate. Meanwhile, annual average inflation inched down to 3.0% in June from 3.1% in May.
Core consumer prices (CPI-ATE)—which are adjusted for tax changes and exclude energy prices—increased 0.4% in June compared to the previous month, contrasting the 0.2% fall the month prior. Meanwhile, core inflation was stable at May’s 2.3%.
Going forward, inflation should ease somewhat heading towards the end of the year, on a base effect and due to the tighter monetary stance. That being said, solid economic growth and wage increases will support price pressures.
Norges Bank sees inflation averaging 2.2% in 2019 and 1.9% in 2020. FocusEconomics Consensus Forecast panelists project inflation to average 2.4% in 2019, which is unchanged from last month’s estimate, and 2.0% in 2020.
Norway - Producer Prices Data
|Inflation (PPI, annual variation in %)||0.7||-1.4||-8.1||-8.0||9.3|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||1.47||-0.65 %||Jul 11|
|Exchange Rate||8.54||-0.38 %||Jul 11|
|Stock Market||884||-0.08 %||Jul 11|
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July 10, 2019
Consumer prices ticked up 0.1% in June, contrasting the 0.3% decrease posted in May.
July 9, 2019
Economic output increased 0.4% in May compared to the previous month in seasonally-adjusted terms, up from April’s revised 0.3% increase (previously reported: +0.2% month-on-month).
July 5, 2019
Industrial production rose a seasonally-adjusted 0.6% in May from the previous month, up from April’s revised 0.5% increase (previously reported: +0.2% month-on-month).
June 20, 2019
The executive board of Norges Bank voted unanimously to raise the sight deposit rate to 1.25% from 1.00% at its monetary policy meeting on 19 June, as had been widely expected by market analysts.
June 11, 2019
Consumer prices fell 0.3% in May, contrasting the 0.4% increase logged in April.