Norway Inflation Slows But Above Estimates

The annual inflation rate in Norway sharply eased to 2.7% in February 2026, the lowest since late April, down from 3.6% in January. The main downward pressure came from slower price growth for food and non-alcoholic beverages (3.3% vs 4.2% in January), housing, water, electricity, gas and other fuels (2.2% vs 4.3%), and transport (3.2% vs 4.4%). Inflation also moderated for furnishings, household equipment and routine household maintenance (0.6% vs 1.7%), recreation, sport and culture (3.9% vs 4.3%), and restaurants and accommodation services (5.1% vs 5.8%). In contrast, inflation picked up for clothing and footwear (1.8% vs 0.7%), alcoholic beverages, tobacco and narcotics (3.0% vs 2.8%), and health (3.2% vs 2.7%). On a monthly basis, the CPI rose 0.6%, the same pace as in January, marking the largest increase since last July. Meanwhile, the CPI-ATE, which excludes energy and tax effects, rose 3% year-on-year, down from January’s 3.4% increase.

Norway’s annual inflation rate accelerated to 3.6% in January 2026 from 3.2% in December, well above the expected 3.1%. This marks the highest reading in four months, mainly driven by faster price increases for housing, water, electricity, gas and other fuels (4.3% vs 3.9%), and transport (4.4% vs 2.7%). Inflation also picked up for furnishings, household equipment and routine household maintenance (1.7% vs 0.3%), recreation, sport and culture (4.3% vs 4.0%), and restaurants and accommodation services (5.8% vs 5.1%). Clothing and footwear turned positive after a prior decline (0.7% vs -1.2%). In contrast, inflation slowed for food and non-alcoholic beverages (4.2% vs 5.3%), alcoholic beverages, tobacco and narcotics (2.8% vs 3.3%), and health (2.7% vs 3.0%). On a monthly basis, the CPI rose 0.6%, the most since late July, up from 0.1% in December. The CPI-ATE, which excludes energy and tax effects, rose 3.4% year-on-year, exceeding market expectations of 3% and December’s 3.1%.

Norway's annual inflation rate ticked up to 3.2% in December 2025, compared to market expectations and the prior month's figure of 3%. It marked the highest reading since September, as prices increased at a faster pace for food and non-alcoholic beverages (5.2% vs 4.7% in November), transport (2.7% vs 2.2%), housing and utilities (3.9% vs 3.7%), recreation and culture (3.1% vs 3%), health (3% vs 2.9%), and restaurants and hotels (5.1% vs 4.7%). On the other hand, costs moderated for alcoholic beverages and tobacco (3.3% vs 3.7%), communications (3.8% vs 4.8%), and miscellaneous goods and services (1.6% vs 1.7%). On a monthly basis, consumer prices stood at 0.1%, unchanged from November. The CPI-ATE, which excludes energy and tax effects, increased by 3.1% year-on-year, edging higher than both market expectations and the prior month's figure of 3%.