FX.co ★ Norway Inflation Slows Less Than Expected

In November 2025, Norway's annual inflation rate slightly declined to 3.0% from October's 3.1%, yet it surpassed market forecasts of 2.7%. Despite being the lowest figure recorded in five months, certain categories saw notable slowdowns. Inflation for food and non-alcoholic beverages decreased significantly to 4.7% from 6.2% in the previous month, while transportation costs rose by a slower 2.2% compared to 3.0% in October. Price growth also decelerated in sectors such as alcoholic beverages and tobacco (3.7% down from 3.9%), communications (4.8% down from 6.4%), recreation and culture (3.0% down from 3.7%), and miscellaneous goods and services (1.7% down from 1.8%). Conversely, inflation saw an uptick in other areas, including housing and utilities (rising to 3.7% from 3.1%), healthcare (2.9% up from 2.6%), and the restaurant and hotel industry (4.7% compared to 3.1%). Month-over-month, consumer prices increased by 0.1%, maintaining the same pace as in October. The CPI-ATE, which excludes energy and tax influences, witnessed a year-on-year increase of 3.0%, marking its lowest point since June and falling short of the anticipated 3.1%, with a month-on-month decline of 0.3%.