Norway Inflation Rate Climbs to 7-Month High

Norway’s annual inflation rate rose to 3.6% in September 2025, compared to expectations and August’s 3.5%, marking the highest level since February. The main upward pressures came from faster price growth for food and non-alcoholic beverages (6.3% vs. 5.4%) and transport (2.9% vs. 2.7%). Meanwhile, inflation eased for housing and utilities (6.2% vs. 6.3%), recreation and culture (2.5% vs. 2.9%), and restaurants and hotels (3.2% vs. 3.8%). Prices continued to decline for clothing and footwear (-2.1% vs. -2.5%) and for furnishings, household equipment, and routine maintenance (-1.3% vs. -0.9%). On a monthly basis, the CPI rose 0.4%, exceeding expectations of a 0.3% increase, after a 0.6% fall in August. The CPI-ATE (adjusted for tax changes and excluding energy products) rose 3% year-on-year, slightly below both August’s rate and forecasts of 3.1%, while monthly prices increased 0.2%, less than the expected 0.4% rise, after a 0.7% decline in August.