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. Inflation Rate in Norway averaged 4.58 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 1.60 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.