FX.co ★ Norway Inflation Rate Hits 7-Month High

Norway’s annual inflation rate increased to 3.6% in October 2026, up from 3.4% in September but slightly below market expectations of 3.7%. This was the highest rate since March, driven mainly by faster price growth in several categories. Housing and utilities inflation accelerated to 5.1% from 3.5%, transportation to 5.4% from 4.8%, and restaurants and hotels to 6.1% from 6.0%. Price growth remained unchanged in education (4.3%) and in miscellaneous goods and services (3.9%).

In contrast, several components recorded slower price increases or outright declines. Inflation eased for food and non-alcoholic beverages (1.4% vs 2.4%), alcoholic beverages and tobacco (2.5% vs 2.6%), clothing and footwear (0.4% vs 2.2%), health (4.8% vs 4.9%), recreation and culture (3.5% vs 4.0%), and insurance and financial services (6.4% vs 7.9%).

On a monthly basis, consumer prices rose 0.3% in October, down from a 0.5% increase in the previous month. The CPI-ATE index, which excludes energy prices and the effects of tax changes, was up 3.8% year-on-year and 0.3% month-on-month.