FX.co ★ Norway Inflation Quickens to 3.4%

Norway’s annual inflation rate edged up to 3.4% in September 2026, the highest level since April, from 3.3% in August, though it remained below market expectations of 3.6%. The acceleration in price growth was driven primarily by higher costs for food and non-alcoholic beverages (2.4% vs. 1.6% in August) and transport (4.8% vs. 2.4%).

Inflation also strengthened in several other categories: alcoholic beverages and tobacco (2.6% vs. 2.4%), health (4.9% vs. 4.4%), recreation, sport and culture (4.0% vs. 3.8%), education (4.3% vs. 2.4%), and restaurants and accommodation services (6.0% vs. 5.5%).

In contrast, price pressures eased for housing, electricity and fuels (3.5% vs. 3.9%), information and communication (1.7% vs. 3.2%), and other goods and services (3.9% vs. 4.3%). Prices for furnishings and household equipment declined by 1.1% year-on-year, reversing a 1.5% increase recorded in August.

On a monthly basis, consumer prices rose 0.5% after a 0.3% decline in August. The CPI-ATE, which excludes energy prices and the effects of tax changes, increased by 3.1% year-on-year and 0.2% compared with the previous month.