FX.co ★ Norway Inflation Rate Picks Up to 3%

Norway’s annual inflation rate accelerated to 3.0% in July 2026, up from 2.7% in June. The pickup in price growth was driven primarily by higher costs for housing, water, electricity, gas and other fuels (4.6% vs. 3.4% in June) and transport (2.6% vs. 1.7%), reflecting elevated global energy prices.

Inflation also strengthened in several other categories, including health (4.4% vs. 3.8%), recreation, sport and culture (4.3% vs. 3.2%), and clothing and footwear (2.9% vs. 2.6%).

In contrast, price growth slowed for food and non-alcoholic beverages (1.1% vs. 2.3%), furnishings and household equipment (0.5% vs. 2.3%), alcoholic beverages, tobacco and narcotics (2.6% vs. 2.8%), restaurants and accommodation services (5.7% vs. 6.0%), and insurance and financial services (7.9% vs. 8.9%).

On a monthly basis, consumer prices rose 1.0%, the strongest increase since February 2025, following a 0.2% decline in June. Meanwhile, the CPI-ATE—an index that excludes energy prices and tax changes—was up 2.7% year-on-year, unchanged from June, and increased 0.8% on a monthly basis.