Analysts from the financial company Morningstar had previously expected inflation to rise to 2.4 percent.
In October, inflation stood at 2 per cent, which was a slight increase from 1.7 per cent the previous month. The inflation target of the European Central Bank (ESB) is 2 percent.
– The ECB would probably prefer that inflation came down a little faster, so that they could continue with interest rate cuts without being worried about inflation, says chief economist Kyrre M. Knudsen at Sparebank 1 Sør-Norge in a comment to NTB.
In the European Commission’s forecast for 2025, it is expected that inflation in the eurozone will fall to 2.1 per cent. Economic growth is expected to increase somewhat, to 1.3 per cent.
The ECB has cut the policy rate three times since June. It now stands at 3.25 percent. The last interest rate decision of the year will be published on 12 December.
Knudsen believes that there could then be another cut, something that could help lower interest rates in Norway.
– There is still at least one rate cut in Europe in December with these figures. For Norway and Norwegian borrowers, the lower the interest rate in Europe, the easier it will be for Norges Bank to lower the interest rate here, he says.
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