Latest reading: Inflation came in at 1.7% in July, down from June’s 1.9% and slightly below market expectations. July’s figure...
Inflation in Norway
Consumer price inflation in Norway averaged 3.1% in the ten years to 2024, in line with the Nordic Economies regional average of 2.4%. The 2024 average figure was 3.1%. For more information on inflation, visit our dedicated page.
Norway Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Norway from 2024 to 2019.
Source: Macrobond.
Norway Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 1.3 | 3.5 | 5.8 | 5.5 | 3.1 |
| Inflation (CPI, ann. var. %, eop) | 1.4 | 5.3 | 5.9 | 4.8 | 2.2 |
| Inflation (HICP, ann. var. %, aop) | 1.2 | 3.9 | 6.2 | 5.8 | 2.8 |
| Inflation (Core, ann. var. %, aop) | 3.0 | 1.7 | 3.9 | 6.2 | 3.7 |
| Inflation (PPI, ann. var. %, aop) | -10.2 | 37.8 | 51.9 | -21.8 | -1.7 |
Inflation steadies in June
Latest reading: Inflation came in at 3.0% in June, matching May’s result. Looking at the details of the release, a more moderate rise in prices for housing and utilities plus food was offset by a faster rise in prices for transport. The trend was unchanged, with annual average inflation coming in at May's 2.7% in June. Meanwhile, core inflation—Norges Bank’s preferred gauge of price pressures—rose for the first time in four months, increasing to 3.1% in June from the previous month's 2.8%; the print was in line with both market and Norges Bank expectations. Finally, consumer prices rose 0.22% in June over the previous month, below May's 0.36% increase. June's result marked the weakest reading since March.
Outlook: Our Consensus is for inflation to stabilize in Q3 before easing in Q4. Overall this year, inflation is set to wane to a five-year low. Past interest rate hikes, softer commodity prices and a high statistical base effect will drive the moderation. Meanwhile, a continued recovery in purchasing power will spur private consumption growth, keeping overall inflation above Norges Bank’s 2.0% target for the fifth year running. Key factors to watch include the strength of the krone and the pace and timing of monetary policy easing.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Norwegian inflation projections for the next ten years from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Norwegian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Norwegian inflation projections.
Want to get access to the full dataset of Norwegian inflation forecasts? Send an email to info@focus-economics.com.
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