FX.co ★ Norway’s CPI Rebounds in September, Snapping Deflationary Blip

Norway’s consumer price index (CPI) turned positive in September 2026, rising 0.5% month-over-month after a 0.3% decline in August, according to data updated on 9 October 2026. The move marks a notable shift from the previous month’s negative reading, which had briefly pointed to deflationary pressure on a monthly basis.

The latest figure indicates that prices in September increased compared with August, reversing the downward trend seen between July and August. On a month-over-month basis, the “actual” September result of 0.5% contrasts with the “previous” August comparison of -0.3%, underscoring a clear rebound in short-term price momentum.

With the September data now in, market participants and policymakers will be watching upcoming releases closely to see whether this uptick signals a sustained normalization in price dynamics or a temporary correction following August’s drop. The month-over-month comparison framework highlights how quickly Norway’s inflation pulse can shift from contractionary to expansionary within a single cycle.