Norway Producer Price Deflation Deepens

Producer prices in Norway dropped 9.4% year-on-year in February 2026, deepening the decline from a 7.8% fall in January. The decrease was driven by the extraction of oil and natural gas, which fell 27.4%, following a 25.7% drop the previous month. Energy goods also declined more sharply, falling 20.9% compared with January’s 17.5% decrease. Meanwhile, price growth for electricity, gas, and steam slowed to 30.7%, down from 58.2%, while costs in manufacturing remained steady at 0.9%. Within manufacturing, the decline in refined petroleum products (-23.2%) was offset by increases in food products (7.1%), basic metals (2.8%), and machinery and equipment (5.4%). Excluding energy goods, producer prices rose 4.2%, accelerating from a 3.0% increase in January. On a monthly basis, producer prices fell 0.7%, reversing an 8.9% jump in January.

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.