Norway Producer Inflation Hits 13-Month High

Producer prices in Norway jumped by 16.9% year-on-year in March 2026, rebounding sharply from a 9.4% drop in the previous month. This marked the first month of increase in eleven months and the fastest since February last year, driven largely by significantly higher prices for electricity, gas and steam, which climbed by 46% from 30.7% in February. Producer inflation also increased sharply for energy goods (26.6% vs -20.9%) and extraction of oil and natural gas (25.3% vs -27.4%), while costs in manufacturing showed a modest rise (1.5% vs 0.9%). Within manufacturing, the decline in refined petroleum products (-11.6%) was offset by increases in food products (5.5%), basic metals (1.1%), and machinery and equipment (4.2%). Excluding energy goods, producer prices went up by 3.7%, easing from a 4.2% gain in February. On a monthly basis, producer prices surged by 18.4% in March, the sharpest rise on record and recovering from a 0.7% fall in the preceding period.

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.