FX.co ★ Norway Inflation Rate Hits 3-Month Low

Norway’s annual inflation rate eased to 3.1% in May 2026 from 3.4% in April, marking its lowest level since February. Price growth slowed notably for food and non-alcoholic beverages (3.4% vs 6.6% in April), alcoholic beverages and tobacco (3.0% vs 3.5%), housing and utilities (2.8% vs 3.6%), and recreation and culture (3.8% vs 4.0%). Inflation for education services was unchanged at 2.4%.

At the same time, prices for personal care and miscellaneous goods remained in deflation (-1.5% vs -1.3%). By contrast, costs accelerated for clothing (1.8% vs 1.5%), furnishings and household equipment (2.3% vs 0.3%), health (4.1% vs 3.4%), transport (2.6% vs 2.4%), and restaurants and accommodation services (6.2% vs 5.8%).

The CPI-ATE, which excludes energy prices and the effects of indirect taxes, rose 3.4% year-on-year, the highest rate in four months and up from 3.2% in April. On a monthly basis, the headline CPI increased 0.2%, matching April’s 0.2% gain.