Norway Inflation Rate Climbs to 5-Month High

Norway’s annual inflation rate eased to 3.1% in May 2026 from 3.4% in the previous month, pointing to the lowest reading since February. Price growth slowed for food and non-alcoholic beverages (3.4% vs 6.6% in April), alcoholic beverages and tobacco (3.0% vs 3.5%), housing and utilities (2.8% vs 3.6%), and recreation and culture (3.8% vs 4.0%). Meanwhile, inflation held steady for education services (at 2.4%). Simultaneously, prices for personal care and miscellaneous goods remained in deflation (-1.5% vs -1.3%). In contrast, costs accelerated for clothing (1.8% vs 1.5%), furnishings and household equipment (2.3% vs 0.3%), health (4.1% vs 3.4%), transport (2.6% vs 2.4%), and restaurants and accommodation services (6.2% vs 5.8%). Meanwhile, the CPI-ATE, which excludes energy and tax effects, increased 3.4% year-on-year, marking the highest level in four months and accelerating from April's 3.2%. On a monthly basis, the CPI rose 0.2%, slowing from a 0.2% gain in April.

Norway’s annual inflation rate eased to 3.4% in April 2026 from 3.6% in March. Price growth mainly slowed for housing, water, electricity, gas and other fuels (3.6% vs 4.9% in March) and transport (2.4% vs 4.2%). Inflation also moderated for furnishings and household equipment (0.3% vs 2.4%) and restaurants and accommodation services (5.8% vs 6.3%). Meanwhile, price growth accelerated sharply for food and non-alcoholic beverages (6.6% vs 1.6%), alongside alcoholic beverages and tobacco (3.5% vs 3.2%), clothing and footwear (1.5% vs 1.4%), and recreation and culture (4.0% vs 3.9%). Inflation was unchanged for education services at 2.4%, while prices for personal care and miscellaneous goods remained in deflation (-1.3% vs -1.2%). On a monthly basis, the CPI rose 0.4%, accelerating from a 0.2% gain in the previous period. Meanwhile, the CPI-ATE, which excludes energy and tax effects, grew 3.2% year-on-year, the highest growth in three months, picking up from the 3.0% increase in March.

Norway’s annual inflation rate accelerated to 3.6% in March 2026 from 2.7% in February, in line with expectations. The main upward pressure came from stronger price growth for housing, electricity and fuels (4.9% vs 2.2% in February) and transport (4.2% vs 3.2%), amid surging energy costs. Inflation also picked up for restaurants and accommodation services (6.3% vs 5.1%), furnishings and household equipment (2.4% vs 0.6%), and information and communication (2.5% vs 0.0%). Meanwhile, price growth eased for food and non-alcoholic beverages (1.6% vs 3.3%) and clothing and footwear (1.4% vs 1.8%), while remaining steady for recreation and culture (3.9%), education (2.4%), and financial services (8.5%). On a monthly basis, the CPI rose 0.2%, as expected, following a 0.6% gain in February. Meanwhile, the CPI-ATE, which excludes energy and tax effects, rose 3% year-on-year, unchanged from February.