Consumer Price Index: All Items: Total for Norway
NORCPALTT01IXNBQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
131.60
Year-over-Year Change
16.63%
Date Range
1/1/1960 - 10/1/2023
Summary
The Consumer Price Index: All Items: Total for Norway measures the changes in the overall price level of consumer goods and services purchased by Norwegian households. This key economic indicator is closely watched by policymakers to monitor inflation and guide monetary policy decisions.
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 inflation, representing the average change in prices paid by consumers for a basket of goods and services. The Norway CPI All Items index specifically tracks price movements across all categories of consumer expenditures, providing a comprehensive view of domestic inflationary pressures.
Methodology
The Norwegian CPI is calculated by Statistics Norway based on a monthly survey of retail prices.
Historical Context
The Norway CPI is a crucial input for the Norges Bank, Norway's central bank, as it assesses economic conditions and sets monetary policy to maintain price stability.
Key Facts
- Norway's CPI reached a historic high of 7.5% in June 2022.
- The Norges Bank aims to maintain annual CPI inflation of around 2%.
- Housing, utilities, food, and transportation are the largest components of the Norway CPI basket.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index: All Items: Total for Norway measures the average change in prices paid by Norwegian consumers for a broad basket of goods and services.
Q: Why is this trend relevant for users or analysts?
A: The Norway CPI is a key indicator of domestic inflation, providing critical information for policymakers, businesses, and consumers to assess the overall cost of living and make informed decisions.
Q: How is this data collected or calculated?
A: The Norway CPI is calculated monthly by Statistics Norway based on a survey of retail prices across the country.
Q: How is this trend used in economic policy?
A: The Norges Bank closely monitors the Norway CPI as a primary input for setting monetary policy, adjusting interest rates to maintain price stability and support sustainable economic growth.
Q: Are there update delays or limitations?
A: The Norway CPI data is published with a short lag, typically within a month of the reference period, providing timely information for policymakers and analysts.
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Citation
U.S. Federal Reserve, Consumer Price Index: All Items: Total for Norway (NORCPALTT01IXNBQ), retrieved from FRED.