Latest reading: Harmonized consumer prices increased 2.7% in annual terms in June, following a 2.8% rise in the prior month....
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 eases in May from the prior month
Latest reading: Consumer prices increased 3.1% on a year-on-year basis in May, following a 3.4% rise in the prior month. Relative to the prior month's figures, there were reduced price pressures for housing and utilities (+2.8% in annual terms vs +3.6% in April) and food and non-alcoholic beverages (+3.4% vs +6.6% in April). In contrast, there were more notable price pressures for transportation (+2.6% vs +2.4% in April) and clothing and footwear (+1.8% vs +1.5% in April). Meanwhile, core consumer prices—Norges Bank’s preferred gauge of price pressures—were up 3.4% in annual terms in May, following a 3.2% rise in the previous month. Lastly, consumer prices increased 0.19% in May on a month-on-month basis, following a 0.39% increase in the prior 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 27 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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