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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 remains steady in December

Inflation came in at 4.8% in December, unchanged from November’s figure. Looking at the details of the release, prices for housing and utilities increased at a quicker pace in December, and prices for transportation also rose at a faster rate. These developments were offset by prices for recreation and culture growing at a more subdued pace. Still, the trend pointed down, with annual average inflation ticking down to 5.5% in December (November: 5.6%). Meanwhile, core inflation fell to 5.5% in December, from November’s 5.8%. Lastly, consumer prices increased 0.08% in December over the previous month, a smaller increase than the 0.53% increase logged in November.

In 2024, inflation will average below 2023’s level, thanks to the delayed impact of tight monetary policy in 2023, a higher unemployment rate and the expected strengthening of the krone. Nevertheless, inflation will still average above Norges Bank’s 2.0% target this year. Meanwhile, core inflation slowed more than market analysts had anticipated in December. The consolidation of the downward trend could confirm the end of Norges Bank’s tightening cycle, after the Bank held fire at its latest meeting on 24 January.

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 21 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

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