Norway Inflation Rate Hits 7-Month High

Norway’s annual inflation rate rose 3.6% in October 2026, up from 3.4% in the previous month but slightly below market expectations of 3.7%. This marked the highest reading since March as costs accelerated for housing utilities (5.1% vs 3.5% in September), transportation (5.4% vs 4.8%), and restaurants and hotels (6.1% vs 6.0%), while price growth remained steady for education (at 4.3%) and miscellaneous goods and services (at 3.9%). On the other hand, prices decreased for food and non-alcoholic beverages (1.4% vs 2.4%), alcoholic beverages and tobacco (2.5% vs 2.6%), clothing and footwear (0.4% vs 2.2%), health (4.8% vs 4.9%), recreation and culture (3.5% vs 4.0%), and insurance and financial services (6.4% vs 7.9%). On a monthly basis, consumer prices eased to 0.3% from 0.5% in the preceding period. The CPI-ATE, which excludes energy prices and tax changes, rose by 3.8% year-on-year and 0.3% month-on-month.

Norway’s annual inflation rate rose to 3.4% in September 2026, the highest since April, up from 3.3% in August but below expectations of 3.6%. Price growth accelerated mainly for food and non-alcoholic beverages (2.4% vs. 1.6% in August) and transport (4.8% vs. 2.4%). Inflation also picked up for alcoholic beverages and tobacco (2.6% vs. 2.4%), health (4.9% vs. 4.4%), recreation, sport and culture (4.0% vs. 3.8%), education (4.3% vs. 2.4%), and restaurants and accommodation services (6.0% vs. 5.5%). By contrast, inflation eased for housing, electricity and fuels (3.5% vs. 3.9%), information and communication (1.7% vs. 3.2%), and other goods and services (3.9% vs. 4.3%). Meanwhile, prices of furnishings and household equipment fell 1.1% year-on-year, reversing a 1.5% increase in August. On a monthly basis, consumer prices rose 0.5%, following a 0.3% decline in August. The CPI-ATE, which excludes energy prices and tax changes, rose 3.1% year-on-year and 0.2% month-on-month.

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.