The annual consumer inflation rate in Norway fell to 2.2% in December 2024, the lowest level since December 2020, down from 2.4% in November. The reading also missed forecasts of 2.5% and is approaching the central bank’s 2% target. The main downward pressure came from lower inflation in food and non-alcoholic beverages (4% vs. 4.2% in November) and housing and utilities (1.9% vs. 2.1%). Additionally, there was a significant easing in costs for furnishings, household equipment, and routine maintenance (0.5% vs. 2.5%) as well as recreation and culture (3.1% vs. 4.3%). Meanwhile, the CPI adjusted for tax changes and excluding energy products (CPI-ATE) rose by 2.7% year-on-year in December, slowing from a 3% increase in November. On a monthly basis, the CPI declined by 0.1%, defying expectations of a 0.1% rise and following a 0.3% increase in November. For the full year, the headline inflation rate averaged 3.1%, the lowest in four years. source: Statistics Norway

Inflation Rate in Norway decreased to 2.20 percent in December from 2.40 percent in November of 2024. Inflation Rate in Norway averaged 4.52 percent from 1950 until 2024, reaching an all time high of 18.90 percent in June of 1951 and a record low of -1.80 percent in January of 2004. This page provides - Norway Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Norway Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2025.

Inflation Rate in Norway decreased to 2.20 percent in December from 2.40 percent in November of 2024. Inflation Rate in Norway is expected to be 2.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Norway Inflation Rate is projected to trend around 2.00 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-12-10 07:00 AM
Inflation Rate YoY
Nov 2.4% 2.6% 2.5%
2025-01-10 07:00 AM
Inflation Rate YoY
Dec 2.2% 2.4% 2.5% 2.5%
2025-02-10 07:00 AM
Inflation Rate YoY
Jan 2.2%

Components Last Previous Unit Reference
Food Inflation 4.00 4.20 percent Dec 2024

Related Last Previous Unit Reference
CPI 134.80 134.90 points Dec 2024
Core Consumer Prices 131.20 131.30 points Dec 2024
Core Inflation Rate YoY 2.70 3.00 percent Dec 2024
CPI Housing Utilities 138.60 138.60 points Dec 2024
CPI Transportation 137.20 137.00 points Dec 2024
Export Prices 313.20 292.20 points Dec 2024
GDP Deflator 116.30 113.40 points Jun 2024
Harmonised Consumer Prices 136.40 136.60 points Dec 2024
Import Prices 212.70 204.30 points Dec 2024
Inflation Rate YoY 2.20 2.40 percent Dec 2024
Inflation Rate MoM -0.10 0.30 percent Dec 2024
Producer Prices 126.30 124.90 points Dec 2024
PPI YoY 9.30 0.00 percent Dec 2024

Norway Inflation Rate
In Norway, the most important category in the Consumer Price Index is Housing & Utilities (24.62% of the total weight). Transport accounts for 14.97%, Food & Non-alcoholic Beverages for 12.86%, Recreation & Culture for 10.79%, and Miscellaneous Goods & Services for 8.72%. The index also includes: Furnishings, Household Equipment & Routine Maintenance (6.89%), Clothing & Footwear (5.09%), Alcoholic Beverages & Tobacco (4.2%), Health (3.39%), Communication (2.37%), and Education (0.49%).
Actual Previous Highest Lowest Dates Unit Frequency
2.20 2.40 18.90 -1.80 1950 - 2024 percent Monthly
2015=100


News Stream
Norway Inflation Rate Falls to 4-Year Low
The annual consumer inflation rate in Norway fell to 2.2% in December 2024, the lowest level since December 2020, down from 2.4% in November. The reading also missed forecasts of 2.5% and is approaching the central bank’s 2% target. The main downward pressure came from lower inflation in food and non-alcoholic beverages (4% vs. 4.2% in November) and housing and utilities (1.9% vs. 2.1%). Additionally, there was a significant easing in costs for furnishings, household equipment, and routine maintenance (0.5% vs. 2.5%) as well as recreation and culture (3.1% vs. 4.3%). Meanwhile, the CPI adjusted for tax changes and excluding energy products (CPI-ATE) rose by 2.7% year-on-year in December, slowing from a 3% increase in November. On a monthly basis, the CPI declined by 0.1%, defying expectations of a 0.1% rise and following a 0.3% increase in November. For the full year, the headline inflation rate averaged 3.1%, the lowest in four years.
2025-01-10
Norway Inflation Rate Lowest in Almost 4 Years
The annual consumer inflation rate in Norway edged down to 2.4% in November 2024 from 2.6% in the previous month. This marked the lowest rate since December 2020, primarily due to a slowdown in housing and utility costs (2.1% vs 4.5% in October). At the same time, prices decreased for clothing and footwear (-1% vs 1.3%). On the other hand, costs increased mainly for food and non-alcoholic beverages (4.2% vs 3.9%), furnishings, household equipment and routine maintenance (2.5% vs 1.2%), and recreation and culture (4.3% vs 3.5%), while prices rebounded for transport (0.5% vs -0.1%). Meanwhile, the CPI adjusted for tax changes and excluding energy products (CPI-ATE) increased by 3% year-on-year in November, following a 2.7% rise in October. On a monthly basis, consumer prices rose by 0.3%, easing from a 0.6% advance in the prior month.
2024-12-10
Norway Inflation Rate Falls to 2.6%
The annual consumer inflation rate in Norway eased to 2.6% in October 2024, down from 3% in the previous month. There was a broad slowdown in inflation across most sub-indexes, namely housing and utilities (4.5% vs. 5.1% in September), furnishings, household equipment and routine maintenance (1.2% vs. 2.3%), health (4.2% vs. 4.6%), and recreation and culture (3.5% vs. 4.5%). Additionally, inflation edged lower for food and non-alcoholic beverages (3.9% vs. 4%) and restaurants and hotels (2.8% vs. 2.9%), while prices declined for transport (-0.1% vs. 0.4%). Meanwhile, the CPI adjusted for tax changes and excluding energy products (CPI-ATE) rose by 2.7% year-on-year, slowing from a 3.1% increase in September, marking its lowest level since April 2022. On a monthly basis, the CPI increased by 0.6%, accelerating from a 0.3% rise in the prior period.
2024-11-11