Norway Inflation Picks Up to 3.3% in August

Norway’s annual inflation rate rose to a four-month high of 3.3% in August 2026 from 3.0% in July, coming in above expectations of 3.2%. Price growth mainly accelerated for food and non-alcoholic beverages (1.6% vs. 1.1% in July), furnishings and household equipment (1.5% vs. 0.5%), information and communication (3.2% vs. 1.4%), and other goods and services (4.3% vs. -2.1%). By contrast, price growth slowed for housing, water, electricity, gas and other fuels (3.9% vs. 4.6%), and transport (2.4% vs. 2.6%). Inflation also moderated for clothing and footwear (2.2% vs. 2.9%), alcoholic beverages and tobacco (2.4% vs. 2.6%), recreation, sport and culture (3.8% vs. 4.3%), and restaurants and accommodation services (5.5% vs. 5.7%). On a monthly basis, consumer prices fell 0.3%, following a 1% jump in July. Meanwhile, the CPI-ATE, which excludes energy prices and tax changes, rose 3.0% year-on-year, while falling 0.5% month-on-month.

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.