Norway Inflation July 2022

Consumer prices increased 1.31% from the previous month in July, picking up from the 0.91% rise seen in June. July’s result was the sharpest increase in prices since September 2008. Looking at the details of the release, food and non-alcoholic beverages prices rose at a quicker pace in July compared to the previous month, which more than offset price pressures for transportation easing.

Inflation rose to 6.8% in July, following June’s 6.3%. July’s figure surprised analysts on the upside for a fourth consecutive month, and was the highest inflation rate since July 1988. Consequently, the trend pointed up, with annual average inflation rising to 4.8% in July (June: 4.4%). Lastly, core inflation rose to 4.5% in July, from June’s 3.6%.

FocusEconomics Consensus Forecast panelists expect inflation to average 4.7% in 2022, which is up 0.2 percentage points from last month’s estimate. In 2023, they expect inflation to average 2.6%.