Inflation in Norway

Norway Inflation (eop) | Economic News & Forecasts

Norway - Inflation (end of period)

Inflation increases to 35-year high in October

Inflation continued its upward trend in October, coming in at 7.5%, up from September’s 6.9%. October's reading marked the highest inflation rate since 1987, and surprised markets on the upside; they had penciled in a 7.1% inflation rate. Looking at the details of the release, prices for housing and utilities rose at a faster rate in October. This more than offset prices for transportation grew at a slower rate.

Consequently, the trend pointed up; annual average inflation rose to 5.6% in October (September: 5.3%). Meanwhile, core inflation rose to 5.9% in October, from the previous month’s 5.3%.

Lastly, consumer prices increased 0.32% in October over the previous month, below September's 1.37% rise.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.9% in 2023, which is up 0.1 percentage points from last month’s estimate. In 2024, they expect inflation to average 2.3%.

Norway - Inflation (eop) Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %, eop)2.3  3.5  1.6  3.5  1.4  

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Norway Inflation (eop) Chart

Norway Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistics Norway and FocusEconomics calculations.

Norway Facts

Value Change Date
Bond Yield1.58-0.65 %Jan 01
Exchange Rate8.78-0.38 %Jan 01

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