摘要：A central bank that is to steer inflation ahead in time seeks to exclude temporary price variations when set-
ting policy rates. At a given point in time, it is not that easy to determine which price changes are permanent
and which changes are temporary. Indicators of underlying inflation can be useful in this context. In this
article, we make an empirical evaluation of various indicators of underlying inflation in Norway. Our conclu-
sion is that there is no one indicator that is a perfect measure of underlying inflation at all times. A central
bank should therefore follow developments in several indicators of underlying inflation.
