Norway's annual inflation rose to a near two-year high of 3.5 percent in November from 3.1 percent in October and above market consensus of 3.1 percent. Prices rose at a faster pace for: food & non-alcoholic beverages (4.3 percent vs 2.3 percent in October); transport (4.8 percent vs 3.7 percent); furnishings, household equipment & routine maintenance (2.6 percent vs 2.1 percent); and miscellaneous goods & services (1.4 percent vs 1.0 percent). Meantime, inflation eased for both housing & utilities (5.3 percent vs 5.7 percent), recreation & culture (3 percent vs 3.4 percent) and restaurants & hotels (3 percent vs 3.4 percent). Annual core inflation rate, which is adjusted for tax changes and excludes energy products, increased to 2.2 percent in November, beating market consensus of 1.8 percent and staying above the central bank's 2 percent target for the first time since January 2017. On a monthly basis, consumer prices went up 0.5 percent and the core index rose 0.3 percent. Inflation Rate in Norway averaged 4.60 percent from 1950 until 2018, 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 1.80 in 12 months time. In the long-term, the Norway Inflation Rate is projected to trend around 1.50 percent in 2020, according to our econometric models.