Price Level of Household Consumption for Norway
PLCCPPNOA670NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.24
Year-over-Year Change
-5.57%
Date Range
1/1/1950 - 1/1/2019
Summary
The Price Level of Household Consumption for Norway measures the relative purchasing power of Norwegian consumers compared to other countries. It is a key economic indicator used to assess the country's cost of living and competitiveness.
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
This index tracks the general price level of goods and services purchased by Norwegian households. It allows for international comparisons of consumer purchasing power and is an important metric for evaluating Norway's economic performance and standard of living.
Methodology
The data is calculated by Norway's national statistical agency based on a representative basket of consumer goods and services.
Historical Context
This trend is closely monitored by policymakers, businesses, and international organizations to inform trade, fiscal, and monetary policy decisions.
Key Facts
- Norway has one of the highest price levels for household consumption in the world.
- The price level index is above 150, meaning Norwegian consumer prices are over 50% higher than the global average.
- High living costs in Norway are driven by factors like high wages, taxes, and regulatory policies.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Household Consumption for Norway tracks the general price level of goods and services purchased by Norwegian households compared to other countries.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for evaluating Norway's cost of living, consumer purchasing power, and economic competitiveness on the global stage.
Q: How is this data collected or calculated?
A: The data is calculated by Norway's national statistical agency based on a representative basket of consumer goods and services.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and international organizations closely monitor this trend to inform trade, fiscal, and monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published regularly by the Norwegian statistical agency with minimal lags, providing timely insights into the country's consumer price dynamics.
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Citation
U.S. Federal Reserve, Price Level of Household Consumption for Norway (PLCCPPNOA670NRUG), retrieved from FRED.