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.

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Norway Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.40 1.60 18.90 -1.80 1950 - 2019 percent Monthly
2015=100



Calendar GMT Actual Previous Consensus TEForecast
2019-10-10 06:00 AM Sep 1.5% 1.6% 1.5% 1.6%
2019-11-11 07:00 AM Oct 1.8% 1.5% 1.8% 2%
2019-12-10 07:00 AM Nov 1.6% 1.8% 1.6% 1.8%
2020-01-10 07:00 AM Dec 1.4% 1.6% 1.5% 1.6%
2020-02-10 07:00 AM Jan 1.4%


News Stream
2019-12-10
Norway November Inflation Rate Matches Estimates
Norway's annual inflation rate declined to 1.6 percent in November 2019 from 1.8 percent in the previous month, matching market expectations. Prices advanced softer for: both housing & utilities prices (1.2 percent vs 1.4 percent in October) and transport (1.8 percent vs 2.3 percent), while that of food & non-alcoholic beverages fell (-0.8 percent vs 0.4 percent). Meantime, inflation was steady for miscellaneous goods & services (at 1.7 percent). On the other hand, prices increased faster for: furnishings, household equipment & routine maintenance (3.0 percent vs 2.7 percent); restaurants & hotels (2.6 percent vs 2.5 percent), and recreation & culture (2.2 percent vs 1.6 percent). The core inflation rate, which is adjusted for tax changes and excludes energy products decreased to a 13-month low of 2.0 percent in November (from 2.2 percent in October), in line with market consensus. On a monthly basis, consumer prices rose 0.3 percent and the core index edged up 0.1 percent.

2019-11-11
Norway Inflation Rate Increases to 1.8%
Norway's annual inflation rate rose to 1.8 percent in October 2019 from 1.5 percent in the previous month, mainly boosted by a rebound in housing & utilities prices (1.4 percent vs -0.1 percent). Also, prices increased faster for: furnishings, household equipment & routine maintenance (2.7 percent vs 2.6 percent); miscellaneous goods & services (1.7 percent vs 1.3 percent); and restaurants & hotels (2.5 percent vs 1.4 percent). Meantime, prices went up softer for: food & non-alcoholic beverages (0.4 percent vs 0.8 percent); recreation & culture (1.6 percent vs 1.7 percent); and transport (2.3 percent vs 3.3 percent). The core inflation rate, which is adjusted for tax changes and excludes energy products, was unchanged at 2.2 percent in October, below market consensus of 2.3 percent. On a monthly basis, consumer prices rose 0.2 percent and the core index was flat.

2019-10-10
Norway Inflation Rate at Near 2-Year Low o 1.5%
Norway's annual inflation rate declined to 1.5 percent in September 2019 from 1.6 percent in the previous month and matching market expectations. That was the lowest rate since November 2017, as prices rose softer for: food & non-alcoholic beverages (0.8 percent vs 0.9 percent in August); recreation & culture (1.7 percent vs 2.3 percent); restaurants & hotels (1.4 percent vs 2.3 percent). In addition, housing & utilities prices fell by 0.1 percent, after increasing 0.3 percent. Meanwhile, prices went up faster for: transport (3.3 percent vs 3.0 percent); furnishings, household equipment & routine maintenance (2.6 percent vs 1.8 percent); and miscellaneous goods & services (1.3 percent vs 1.2 percent). The core inflation rate, which is adjusted for tax changes and excludes energy products, edged up to 2.2 percent in September, above market consensus of 2.1 percent. On a monthly basis, consumer prices rose 0.5 prices and the core index increased 0.6 percent.

2019-09-10
Norway Inflation Rate Drops to 1-1/2-Year Low
Norway's annual inflation rate declined to 1.6 percent in August 2019 from 1.9 percent in the previous month and below market expectations of 1.8 percent. That was the lowest rate since January 2018, as prices rose at a softer pace for: transport (3.0 percent vs 3.4 percent in July); food & non-alcoholic beverages (0.9 percent vs 1.8 percent); recreation & culture (2.3 percent vs 2.8 percent); restaurants & hotels (2.3 percent vs 2.5 percent); furnishings, household equipment & routine maintenance (1.8 percent vs 2.1 percent); and miscellaneous goods & services (1.2 percent vs 1.4 percent). Meanwhile, housing & utilities inflation rose to 0.3 percent from 0.2 percent. The core inflation rate, which is adjusted for tax changes and excludes energy products, edged down to 2.1 percent in August, also below market consensus of 2.2 percent. On a monthly basis, consumer prices fell 0.7 prices and the core index declined 0.6 percent.

2019-08-09
Norway Inflation Rate Steady at 1.9%, Above Forecast
Norway's annual inflation rate stood at 1.9 percent in July 2019, the same as in the previous month and above market consensus of 1.8 percent. It remained the lowest inflation since January of 2019, as prices rose at a faster pace for: transport (3.4 percent vs 3.2 percent in June); food & non-alcoholic beverages (1.8 percent vs 1.2 percent), and miscellaneous goods & services (1.4 percent vs 1.3 percent). Meanwhile, inflation eased for: housing & utilities (0.2 percent vs 0.8 percent); recreation & culture (2.8 percent vs 3.1 percent); restaurants & hotels (2.5 percent vs 2.6 percent); and furnishings, household equipment & routine maintenance (2.1 percent vs 2.8 percent). The core inflation rate, which is adjusted for tax changes and excludes energy products, edged down to 2.2 percent in July from 2.3 percent in June, and matching market consensus. On a monthly basis, consumer prices went up 0.7 prices and the core index increased 0.6 percent.

2019-07-10
Norway Inflation Rate Falls to 17-Month Low
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.


Norway Inflation Rate
In Norway, the most important category in the consumer price index is Housing and Utilities (23 percent of total weight). Transport accounts for 16 percent; Food and Non-Alcoholic Beverages for 13 percent; Recreation and Culture for 12 percent; Miscellaneous Goods and Services for 9 percent and Furniture, Household Goods and Maintenance for 7 percent. Restaurants and Hotels; Clothing and Footwear; Alcoholic beverages and Tobacco; Health; Communication and Education account for the remaining 21 percent of total weight.

Norway Prices Last Previous Highest Lowest Unit
Inflation Rate 1.40 1.60 18.90 -1.80 percent [+]
Harmonised Consumer Prices 112.00 112.40 112.40 69.20 points [+]
Consumer Price Index CPI 111.30 111.60 111.60 5.09 points [+]
Core Consumer Prices 109.10 109.30 109.30 82.30 points [+]
Core Inflation Rate 1.80 2.00 3.70 -0.10 percent [+]
GDP Deflator 103.72 104.74 107.60 19.12 points [+]
Producer Prices 113.30 108.80 124.10 16.71 points [+]
Producer Prices Change -2.20 -9.50 33.90 -18.70 percent [+]
Export Prices 145.00 142.10 149.40 57.64 points [+]
Import Prices 153.50 147.40 153.50 71.76 points [+]
Food Inflation -0.40 -0.80 19.90 -7.10 percent [+]
Inflation Rate Mom -0.30 0.30 5.45 -1.72 percent [+]
CPI Housing Utilities 115.90 116.20 116.60 19.50 points [+]
CPI Transportation 111.90 111.80 115.20 21.00 points [+]