Norway's annual inflation rate eased to a seven-month low of 3.0 percent in February 2019 from 3.1 percent in the previous month but beating market consensus of 2.8 percent. Cost slowed for housing & utilities (4.1 percent vs 5.9 percent in January); transport (2.7 percent vs 3.4 percent) and restaurants & hotels (3.1 percent vs 3.3 percent). On the other hand, prices rose faster for food & non-alcoholic beverages (2.0 percent vs 1.2 percent); recreation & culture (4.3 percent vs 3.9 percent); furnishings, household equipment & routine maintenance (1.8 percent vs 1.4 percent); and miscellaneous goods & services (1.4 percent vs 1.3 percent). Annual core inflation rate, which is adjusted for tax changes and excludes energy products, increased to 2.6 percent in February from 2.1 percent in the prior month, above market consensus of 2.1 percent. On a monthly basis, consumer prices rose 0.8 prices and the core index increased 1.2 percent. Inflation Rate in Norway averaged 4.60 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.
Inflation Rate in Norway is expected to be 2.90 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 2.30 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.