Annual inflation rate in Norway eased to a three-month low of 3.1 percent in October 2018 from the previous month’s near two-year high of 3.4 percent and below market consensus of 3.4 percent. Prices rose at a slower pace for housing and utilities (5.7 percent vs 6.1 percent in September); food and non-alcoholic beverages (2.3 percent vs 3.4 percent); furnishings, household equipment and routine maintenance (2.1 percent vs 3.2 percent); and miscellaneous goods and services (1.0 percent vs 1.4 percent). Still, inflation picked up for transport (3.7 percent vs 3.5 percent) and recreation and culture (3.4 percent vs 3.1 percent). Annual core inflation rate, which is adjusted for tax changes and excludes energy products, slowed to 1.6 percent in October from 1.9 percent in September and below market consensus of 1.8 percent. On a monthly basis, consumer prices fell 0.2 percent and the core index was unchanged. 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.