Gjedrem on the outlook for the Norwegian economy

In a speech on 'Monetary policy and the outlook for the Norwegian economy' given on 13 November, Svein Gjedrem of Norges Bank said inflation has slowed over the past 12 months and is now considerably below target.

Annual CPI-ATE inflation was 0.8 per cent in October. Inflation in 2003 has also been lower than projected in the 2001 and 2002 Inflation Reports.

Inflation in 2003 has been pushed down by the fall in prices for imported consumer goods in particular. The low rise in imported price

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