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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 2014 to 2023.
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 rises in November

Inflation came in at 4.8% in November, which was up from October’s 4.0%. Looking at the details of the release, the pickup was due to prices for housing and utilities increasing at a quicker pace in November. This outweighed prices for transportation and for recreation and culture growing at more subdued paces. Still, the trend pointed down, with annual average inflation edging down to 5.6% in November (October: 5.8%). Meanwhile, core inflation receded to 5.8% in November, from the previous month's 6.0%. Core inflation in November surprised both markets and Norges Bank on the downside, moderating more than anticipated. Finally, consumer prices rose 0.53% from the previous month in November, which was below October's 1.00% rise.

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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