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Norway Inflation

Norway Inflation

Inflation in Norway

Consumer price inflation in Norway averaged 2.7% in the ten years to 2022. The 2022 average figure was 5.8%. For more inflation information, visit our dedicated page.

Norway Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Norway from 2020 to 2019.
Source: Statistics Norway.

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

Inflation drops to a six-month low in March

Inflation came in at 3.9% in March, down from February’s 4.5%. March's reading marked the weakest inflation rate since September 2023. Looking at the details of the release, the moderation was broad-based, with lower price pressures recorded for housing and utilities, transportation, and food and non-alcoholic beverages. Accordingly, the trend pointed slightly down, with annual average inflation coming in at 5.0% in March (February: 5.2%). Meanwhile, core inflation fell to 4.5% in March from February’s 4.9%. March’s core inflation print was the lowest in 21 months and came in below Norges Bank’s expectations for a second consecutive month. Lastly, consumer prices rose 0.23% in March over the previous month, the same as February's reading.

Our Consensus is for the disinflation process to continue through Q4 2025, although its pace will slow and inflation is seen averaging above Norges Bank’s 2.0% target until 2028. The delayed impact of tight monetary policy and a higher unemployment rate should limit the recovery in domestic demand. This, coupled with a stronger krone and a high base of comparison will limit price growth. After two consecutive months of core inflation undershooting Norges Bank’s expectations, the odds are mounting that the loosening cycle will begin in September; the Central Bank hinted as much when it last convened on 20 March.

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 23 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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