Norway Inflation Rate

Last Release

Dec 31, 2024

Actual

2.2

Units In

2.4

Frequency

Monthly

Next Release

Feb 10, 2025

Time to Release

29 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
18.9 Jun 1951	-1.8 Jan 2004	4.52 %	1950-2024	Statistics Norway

In Norway, the most important category in the consumer price index is Housing and Utilities (23 percent of total weight). Transport accounts for 16 percent; Food and Non-Alcoholic Beverages for 13 percent; Recreation and Culture for 12 percent; Miscellaneous Goods and Services for 9 percent and Furniture, Household Goods and Maintenance for 7 percent. Restaurants and Hotels; Clothing and Footwear; Alcoholic beverages and Tobacco; Health; Communication and Education account for the remaining 21 percent of total weight.

Latest Updates

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.