FX.co ★ Norway Producer Inflation Slows in June

Norway’s producer prices rose 14.9% year-on-year in June 2026, easing from a 24.0% jump in May, which had been the fastest pace since September 2022. This marked the fourth consecutive month of double-digit producer inflation, but also the weakest reading in the current upswing.

The slowdown was driven mainly by more moderate price increases in the extraction of oil and natural gas (15.2% vs. 35.1% in May) and in energy goods (23.9% vs. 41.2%), indicating a reduction in energy-related cost pressures. Producer inflation in manufacturing also softened, to 8.6% from 9.4%.

By contrast, prices for electricity, gas, and steam accelerated, rising 68.8% after a 58.5% increase in May, and remained the strongest driver of overall producer price growth.

Excluding energy goods, producer prices were up 5.3%, down from 5.7% in May, underscoring a continued moderation in underlying inflationary pressures.

On a monthly basis, producer prices fell 7.1% in June, the steepest decline since March 2025, after a 1.8% drop in May.