Consumer Price Index: Clothing and Footwear (COICOP 03): Total for Norway
NORCP030000GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-1.75
Year-over-Year Change
262.85%
Date Range
2/1/1979 - 12/1/2023
Summary
The Consumer Price Index: Clothing and Footwear (COICOP 03): Total for Norway tracks changes in the prices of clothing and footwear in Norway. This metric is a key indicator of consumer price inflation in the Norwegian economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Consumer Price Index (CPI) is a widely-used measure of the average change in prices paid by consumers for a basket of goods and services. The CPI for Clothing and Footwear specifically captures the price movements in this important consumer expenditure category.
Methodology
The data is collected through a nationwide survey of consumer prices.
Historical Context
The CPI for Clothing and Footwear is used by policymakers and analysts to understand consumer spending trends and inflationary pressures.
Key Facts
- Norway's CPI for Clothing and Footwear has a base year of 2015.
- Clothing and Footwear account for around 5% of the Norwegian CPI basket.
- The index is published monthly by Statistics Norway.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index for Clothing and Footwear in Norway measures the average change in prices paid by Norwegian consumers for a basket of clothing and footwear items.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into inflationary pressures in the Norwegian consumer market, specifically within the clothing and footwear sector. It is an important indicator for policymakers, economists, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through a nationwide survey of consumer prices conducted by Statistics Norway.
Q: How is this trend used in economic policy?
A: The CPI for Clothing and Footwear is used by the Norwegian central bank and other policymakers to monitor inflation and inform monetary policy decisions.
Q: Are there update delays or limitations?
A: The index is published monthly with a short delay, typically 2-3 weeks after the end of the reference period. There are no known major limitations to the data.
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Citation
U.S. Federal Reserve, Consumer Price Index: Clothing and Footwear (COICOP 03): Total for Norway (NORCP030000GPM), retrieved from FRED.