Norway's annual inflation rate declined to 1.9 percent in June 2019, the lowest since January 2018 and below market consensus of 2.1 percent, as prices rose at a softer pace for: housing & utilities (0.8 percent vs 3.5 percent in May); recreation & culture (3.1 percent vs 4.2 percent); restaurants & hotels (2.6 percent vs 3.1 percent); and miscellaneous goods & services (1.3 percent vs 1.4 percent). Meanwhile, inflation accelerated for: transport (3.2 percent vs 2.8 percent); food & non-alcoholic beverages (1.2 percent vs 1.0 percent); furnishings, household equipment & routine maintenance (2.8 percent vs 1.8 percent). The core inflation rate, which is adjusted for tax changes and excludes energy products, was unchanged at 2.3 percent in June, matching market consensus. On a monthly basis, consumer prices edged up 0.1 prices and the core index increased 0.4 percent. Inflation Rate in Norway averaged 4.59 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 1.70 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 2.00 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.