Norway’s core inflation rate, which excludes energy prices and taxes, fell to 2.7% in June 2026, its lowest level since January 2025 and below both the preliminary estimate of 3.4% and Norges Bank’s 3.3% projection. The decline was primarily driven by lower electronics and food costs, reducing immediate pressure on policymakers to raise interest rates next month. In June, Norges Bank held its policy rate steady at 4.25% but reiterated that inflation remained too high, signaling that borrowing costs would likely rise later in the year. Governor Ida Wolden Bache emphasized that a somewhat tighter monetary policy would be necessary to bring core inflation down to the 2% target. However, some analysts now view an August rate hike as the "base case," with a potential "hike and likely done" signal, as Norwegian officials have made clear they aim to avoid surprising markets with a dovish shift in the short term. source: Statistics Norway
Core Inflation Rate in Norway averaged 2.25 percent from 2001 until 2026, reaching an all time high of 6.90 percent in June of 2023 and a record low of -0.20 percent in February of 2004. This page provides - Norway Core Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Norway CPI Adjusted for Tax Changes and excluding Energy Products (CPI-ATE) YoY - data, historical chart, forecasts and calendar of releases - was last updated on July of 2026.
Core Inflation Rate in Norway is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Norway CPI Adjusted for Tax Changes and excluding Energy Products (CPI-ATE) YoY is projected to trend around 2.60 percent in 2027 and 2.20 percent in 2028, according to our econometric models.