Norway's annual inflation rate declined to 1.4 percent in December 2019 from 1.6 percent in the previous month, below market expectations of 1.5 percent. This was the lowest rate since November 2017, as prices advanced softer for: housing & utilities (0.3 percent vs 1.2 percent); miscellaneous goods & services (1.6 percent vs 1.7 percent); furnishings, household equipment & routine maintenance (1.8 percent vs 3.0 percent); restaurants & hotels (2.2 percent vs 2.6 percent); and recreation & culture (2.0 percent vs 2.2 percent). In addition, food prices continued to fall (-0.4 percent vs -0.8 percent), while transport inflation picked up (2.3 percent vs 1.8 percent). The core inflation rate, which is adjusted for tax changes and excludes energy products, decreased to a 14-month low of 1.8 percent in December, below market consensus of 2 percent. On a monthly basis, consumer prices fell 0.3 percent and the core index went down 0.2 percent. Inflation Rate in Norway averaged 4.57 percent from 1950 until 2019, reaching an all time high of 18.90 percent in June of 1951 and a record low of -1.80 percent in January of 2004. source: Statistics Norway
Inflation Rate in Norway is expected to be 2.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Norway to stand at 1.70 in 12 months time. In the long-term, the Norway Inflation Rate is projected to trend around 1.90 percent in 2020, according to our econometric models.