Norway Producer Price Deflation Deepens

Producer prices in Norway dropped 7.8% year-on-year in January 2026, following an 11.4% fall in December 2025 and marking the smallest decline since last October. The softer decrease was led by the extraction of oil and natural gas, where prices fell 22.7% after a 29.6% drop in December, while energy goods also recorded a softer decline of 17.5%, compared with a 22.5% fall previously. Additionally, prices for electricity, gas, and steam accelerated to 58.2% from 28.8%. Excluding energy goods, producer prices rose at a faster pace of 3.0%, following a 1.0% increase in December. Meanwhile, price growth in the manufacturing sector eased to 0.9% from 1.5%, as an 18.5% decline in the costs of refined petroleum products weighed on the sector, partly offset by a 6.8% rise in machinery and equipment prices, despite a 5.1% fall in food product prices. On a monthly basis, overall producer prices rose 8.9%, rebounding sharply from a 1.5% drop recorded in the previous month.

Producer prices in Norway slid 11.4% year-on-year in December 2025, deepening from a revised 9% decline in November and marking the sharpest drop since February 2024. The decline was led by the extraction of oil and natural gas, where prices dropped 29.6% following a 25.8% fall in November, while energy goods also recorded a sharper fall of 22.5%, compared with an 18.7% decline previously. Meanwhile, price growth in the manufacturing sector eased to 1.5% from 1.8%, as a 12.2% drop in costs of refined petroleum products weighed on the sector. Prices for electricity, gas, and steam also moderated to 28.8% from 37.2%. Excluding energy goods, producer prices rose at a slower pace of 1.0%, down from 1.6% in November. On a monthly basis, overall producer prices fell 1.5%, reversing a 0.6% gain recorded in the prior period.

Producer prices in Norway declined 8.1% year-on-year in November 2025, following a 6.9% decrease in October. This marked the seventh straight month of producer deflation and the steepest drop since February 2024, as prices fell more steeply for the extraction of oil and natural gas (-25.8% vs -20.2% in October) and energy goods (-16.9% vs -15.0%). Additionally, price growth eased slightly for manufacturing (1.8% vs 1.9%). Meanwhile, prices for electricity, gas, and steam continued to rise sharply (56.1% vs 28.9%). Excluding energy goods, overall producer price inflation picked up 1.6% in November from 1.0% in October. On a monthly basis, the total PPI climbed 2% after a 0.1% increase in the prior month.