Norway Inflation Slows Less Than Expected

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%.

Norway’s annual inflation rate eased to 3.0% in November 2025 from 3.1% in October, but above market expectations of 2.7%. Still, this marked the lowest reading in five months, with food and non-alcoholic beverages inflation slowing notably to 4.7% from 6.2% in October and transport inflation easing to 2.2% from 3.0%. Price growth also moderated for alcoholic beverages and tobacco (3.7% vs 3.9%), communications (4.8% vs 6.4%), recreation and culture (3.0% vs 3.7%), and miscellaneous goods and services (1.7% vs 1.8%). Conversely, inflation accelerated for housing and utilities (3.7% vs 3.1%), health (2.9% vs 2.6%), and restaurants and hotels (4.7% vs 3.1%). On a monthly basis, consumer prices rose 0.1%, matching October’s pace. The CPI-ATE, which excludes energy and tax effects, increased 3.0% year-on-year, its lowest since June and below forecasts of 3.1%, and fell 0.3% month-on-month.