Higher inflation in Norway supports tighter outlook

Norges Bank HQ, Oslo
Norges Bank headquarters, Oslo
Esten Borgos

Inflation is rising in Norway as the economy strengthens and oil prices have hit a three-year high, prompting Norges Bank to bring forward its first planned rate hike to late 2018.

Headline inflation rose year-on-year by 1.6% in December, above the 1.4% forecast by the central bank. But it is still well below the 2.5% target. Volatile factors boosted the increase, according to Statistics Norway. Food sales over Christmas were lower in 2017, which boosted overall year-on-year price rises by 0.2

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