🇳🇴Norway inflation rate
released 16 Oct 2026 · data through September 2026 · next release expected 31 Oct 2026
Norway sits outside the euro area, with its own currency and central bank. Harmonised inflation (HICP) — the EU-harmonised measure that makes prices comparable across Europe — stands at 3.4% as of September 2026. That is 1.4 percentage points above Norges Bank's 2% target, and 0.4 points below the eurozone average of 3.8%.
The breakdown shows core (excluding energy and food) at 3.1%, energy at 9.6%, food at 2.5% and services at 4.2%. The strongest pressure is in energy (9.6%), while food is the softest (2.5%).
Month on month the headline rose from 3.2% to 3.4%, extending the climb.
Norway ranks number 18 of 30 European economies by annual inflation, from highest to lowest, between France and Germany.
Harmonised inflation (HICP) is 3.4% as of September 2026 — that is 1.4 percentage points above Norges Bank's 2% target.
Inflation by year
Inflation in Norway averaged 2.8% in 2025, the same as in 2024 (2.8%).
| Year | Annual average | December, year on year |
|---|---|---|
| 2026 so far | – | 3.4% (September) |
| 2025 | 2.8% | 3.0% |
| 2024 | 2.8% | 1.7% |
| 2023 | 5.7% | 4.6% |
| 2022 | 6.2% | 6.3% |
| 2021 | 3.9% | 6.1% |
| 2020 | 1.2% | 1.4% |
| 2019 | 2.3% | 1.1% |
| 2018 | 3.0% | 3.9% |
| 2017 | 1.9% | 1.6% |
| 2016 | 3.9% | 3.8% |
Annual average: the average HICP index of the year compared with the previous year's average, as Eurostat publishes it (prc_hicp_ainr) — not an average of the monthly rates. December: the year-on-year rate of that month (prc_hicp_minr). The current year shows the latest monthly year-on-year rate.
Compare with the rest of Europe on the European inflation ranking →
Work out what money from the past is worth today: Inflation Calculator Norway →
Frequently asked questions
- What is Norway's current inflation rate?
- Norway's annual inflation rate, measured by the harmonised index of consumer prices (HICP), is 3.4% as of September 2026.
- Is Norway's inflation above or below Norges Bank's 2% target?
- At 3.4%, it is 1.4 percentage points above Norges Bank's 2% target.
- How does Norway's inflation compare with the rest of Europe?
- Norway ranks number 18 of 30 European economies by inflation, 0.4 points below the eurozone average of 3.8%.
- Did Norway's inflation rise or fall last month?
- Month on month, the headline rate rose from 3.2% to 3.4% in September 2026.
- What was inflation in Norway in 2025?
- Inflation in Norway averaged 2.8% in 2025, the same as in 2024 (2.8%). In December 2025, the year-on-year rate was 3.0%.
- What was inflation in Norway over the last 10 years?
- Between 2016 and 2025, annual average inflation in Norway ranged from 1.2% in 2020 to 6.2% in 2022. The mean of the annual rates over those years was 3.4%.