Norway Inflation November 2022

Inflation came in at 6.5% in November, which was down from October’s 7.5%. November’s result marked the weakest inflation rate since June. Looking at the details of the release, the decline was broad-based, with lower price pressures recorded for housing and utilities, transportation, and food and non-alcoholic beverages. Moreover, prices for recreation and culture also grew at a more subdued pace.

Still, the trend pointed up; annual average inflation rose to 5.7% in November (October: 5.6%). Meanwhile, core inflation fell to 5.7% in November, from the previous month’s 5.9%.

Finally, consumer prices fell 0.16% in November over the previous month, contrasting October’s 0.32% rise. November’s result marked the weakest reading since August.

FocusEconomics Consensus Forecast panelists expect inflation to average 4.3% in 2023, which is up 0.4 percentage points from last month’s estimate. In 2024, they expect inflation to average 2.3%.

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