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Inflation in Norway

Norway Inflation

Inflation falls to over one-year low in July

Inflation came in at 5.4% in July, down from June’s 6.4%. July’s reading represented the weakest inflation rate since April 2022. Despite the downtick, the reading still more than doubled Norges Bank’s 2.0% target. Looking at the details of the release, the moderation was primarily due to a more moderate increase in prices for housing and utilities.

Accordingly, the trend pointed down, with annual average inflation falling to 6.5% in July (June: 6.6%). Meanwhile, core inflation eased to 6.4% in July, down from the prior month’s 7.0%.

Finally, consumer prices increased 0.38% from the previous month in July, slowing down from the 0.62% increase recorded in June. July’s result marked the weakest reading since January.

Norway Inflation Chart

This chart displays Inflation Rate (CPI, annual variation in %) for Norway from 2013 to 2022.

Norway Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 2.8 2.2 1.3 3.5 5.8
Inflation (CPI, ann. var. %, eop) 3.5 1.4 1.4 5.3 5.9
Inflation (HICP, ann. var. %, aop) 3.0 2.3 1.2 3.9 6.2
Inflation (Core, ann. var. %, aop) 1.5 2.2 3.0 1.7 3.9
Inflation (PPI, ann. var. %, aop) 14.8 -3.6 -10.2 37.8 51.9

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