Norway Inflation Rate Picks Up to 3%

Norway’s annual inflation rate rose to 3% in July 2026 from 2.7% in the previous month. Price growth mainly accelerated for housing, water, electricity, gas and other fuels (4.6% vs. 3.4% in June) and transport (2.6% vs. 1.7%), amid elevated global energy prices. Inflation also increased for health (4.4% vs. 3.8%), recreation, sport and culture (4.3% vs. 3.2%), and clothing and footwear (2.9% vs. 2.6%). By contrast, price growth slowed for food and non-alcoholic beverages (1.1% vs. 2.3%), furnishings and household equipment (0.5% vs. 2.3%), alcoholic beverages, tobacco and narcotics (2.6% vs. 2.8%), restaurants and accommodation services (5.7% vs. 6.0%), and insurance and financial services (7.9% vs. 8.9%). On a monthly basis, consumer prices jumped 1%, the most since February 2025, following a 0.2% decline in June. Meanwhile, the CPI-ATE, which excludes energy prices and tax changes, rose 2.7% year-on-year, unchanged from June, while increasing 0.8% month-on-month.

Norway’s annual inflation rate eased to 2.7% in June 2026 from 3.1% in the previous month, well below market expectations of 3.2%. It marked the lowest reading since February, as price growth slowed across major categories, particularly food and non-alcoholic beverages (2.3% vs 3.4% in May) and transport (1.7% vs 2.6%). Inflation also eased for alcoholic beverages and tobacco (2.8% vs 3%), health (3.8% vs 4.1%), information and communication (1.8% vs 5.7%), recreation, sport and culture (3% vs 3.8%), and restaurants and accommodation services (6% vs 6.2%). By contrast, price growth accelerated for housing and utilities (3.4% vs 2.8%) and clothing and footwear (2.6% vs 1.8%). On a monthly basis, the CPI fell 0.2%, reversing a 0.2% increase in May and defying market expectations of a 0.3% rise. Meanwhile, the CPI-ATE, which excludes energy prices and tax changes, stood at 3.4% year-on-year, unchanged from May and remaining at its highest level since January.

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.