Latest reading: Inflation fell more than anticipated in June 2026, declining to 3.8% from 4.0% in May and coming in...
Inflation in Norway
Consumer price inflation in Norway averaged 3.1% in the ten years to 2024, in line with the Nordic Economies regional average of 2.4%. The 2024 average figure was 3.1%. For more information on inflation, visit our dedicated page.
Norway Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Norway from 2014 to 2025.
Source: Macrobond.
Norway Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.5 | 5.8 | 5.5 | 3.2 | 3.0 |
| Inflation (CPI, ann. var. %, eop) | 5.2 | 5.9 | 4.7 | 2.3 | 3.2 |
| Inflation (HICP, ann. var. %, aop) | 3.9 | 6.3 | 5.7 | 2.8 | 2.8 |
| Inflation (Core, ann. var. %, aop) | 1.7 | 3.9 | 6.2 | 3.7 | 3.1 |
| Inflation (PPI, ann. var. %, aop) | 37.8 | 51.9 | -21.8 | -1.7 | 0.6 |
Inflation ebbs in June from May
Latest reading: Consumer prices were up 2.7% in annual terms in June, following a 3.1% rise in the prior month. June's reading was the weakest since April 2025. Relative to the prior month's data, there were reduced price pressures for transportation (+1.7% on a year-on-year basis vs +2.6% in May) and food and non-alcoholic beverages (+2.3% vs +3.4% in May). In contrast, there were higher price pressures for housing and utilities (+3.4% vs +2.8% in May) and clothing and footwear (+2.6% vs +1.8% in May). Meanwhile, core consumer prices—Norges Bank’s preferred gauge of price pressures—increased 2.7% in annual terms in June, following a 3.4% increase in the previous month. Lastly, consumer prices were down 0.19% in June on a month-on-month basis, following a 0.19% rise in the previous month.
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 26 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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