Norway Producer Inflation Picks Up in July

Producer prices in Norway surged 23.4% year-on-year in July 2026, picking up from a four-month low of 14.9% in the previous month. The increase was driven mainly by a sharp acceleration in energy-related prices, with costs for the extraction of oil and natural gas jumping to 38.2% from 15.2% in June, while energy goods inflation climbed to 39.8% from 23.9%. In contrast, price growth eased in manufacturing (6.4% vs 8.6%) and in electricity, gas, and steam (41.0% vs 68.8%). Excluding energy goods, producer price inflation was unchanged at 5.3%, indicating more moderate underlying price pressures. On a monthly basis, producer prices rose 8.9%, rebounding strongly from a 7.1% decline in June.

Producer prices in Norway rose 14.9% year-on-year in June 2026, slowing from a 24.0% surge in May, which marked the strongest growth since September 2022. It was the fourth consecutive month of double-digit producer inflation, though the weakest reading in the current run. The moderation was largely driven by slower price growth for the extraction of oil and natural gas (15.2% vs. 35.1% in May) and energy goods (23.9% vs. 41.2%), reflecting easing energy-related cost pressures. Manufacturing producer inflation also eased to 8.6% from 9.4%. In contrast, inflation for electricity, gas and steam accelerated to 68.8% from 58.5%, remaining the strongest contributor to overall producer price growth. Excluding energy goods, producer prices increased 5.3%, easing from 5.7% in May, suggesting underlying inflationary pressures continued to moderate. On a monthly basis, producer prices fell 7.1%, the biggest drop since March 2025, and following a 1.8% decline in May.

Producer prices in Norway climbed 24.0% year-on-year in May 2026, accelerating from 22.7% in the previous month. It marked the third consecutive month of increases and the highest reading since September 2022, driven by stronger price growth in manufacturing (9.4% vs 7.4% in April), particularly for refined petroleum products (64.7% vs 42.3%) and basic metals (14.1% vs 10.4%). Producer inflation was also supported by faster growth in prices for electricity, gas and steam (58.5% vs 46.4%) and energy goods (41.2% vs 39.0%). Meanwhile, costs for the extraction of oil and natural gas eased slightly (35.1% vs 35.5%). Excluding energy goods, producer prices increased 5.7%, from 4.5% in April. On a monthly basis, producer prices fell 1.8% in May, following a 0.5% fall in the previous month.