Norway Consumer Price Index (CPI) y/y

Norwegian Consumer Price Index y/y reflects the dynamics of consumer prices for goods and services purchased by private households. The index measures price changes in the given month compared to the same month of the previous year. The CPI is published by Statistics Norway (SSB) on the 10th of every month. Norwegian Consumer Price Index data is additionally submitted to Eurostat and is included in the European statistics.

The calculation covers every segment of private consumption such as food, alcoholic and non-alcoholic beverages, clothing, rents, routine household maintenance, health care, telecommunication services, leisure, and other goods and services. The following are not regarded as consumption: direct taxes, social security contributions including the compulsory health insurance, as well as expenditure on investments and savings. Statistics reflect real prices paid by consumers, taking into account all direct and indirect taxes, surcharges, subsidies and discounts.

The CPI is calculated using data from online surveys, commodity trade statistics and household budget surveys. Price changes are calculated using a sample of 650 goods and services which represent the typical consumption of Norwegian households. The bulk of the sample is constant, however the sample is reviewed from time to time, to reflect changes in consumption patterns. Prices for CPI calculation are collected in retail outlets, based on a sample of approximately 2,000 companies, with one-sixth of this sample being updated annually. The statistics additionally include data on rental payments based on information received from 2,500 tenants.

Consumer Price Index is one of key indicators to measure inflation. The CPI is used as the basis for payment revisions, as well as a deflator in the calculation of the Retail Sales indicator. A higher than expected CPI reading is considered positive for NOK quotes, while lower readings are considered negative.