On average, prices rose by 3.1 per cent from 1999 to 2000. The underlying rise in prices was 2.9 per cent. If changes in petrol prices are also excluded, price inflation was 2.4 per cent. The labour market remains tight. Credit growth is still high.
House prices appear to be stabilising.
Growth in goods consumption has moderated. Slower growth in the global economy may also contribute to reducing growth in the Norwegian economy. In the light of recent trends in the economy and the current balance of risks, the probability that the next change in interest rates will be a reduction is the same as the probability of an increase.