🇳🇴Norway inflation rate
Last updated 1 Jul 2026 · data through May 2026 · next release expected 17 Jul 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 3.1% as of May 2026. That is 1.1 percentage points above Norges Bank's 2% target, and 0.3 points above the eurozone average of 2.8%.
The breakdown shows core (excluding energy and food) at 3.4%, energy at -1.9%, food at 3.4% and services at 3.6%. The strongest pressure is in services (3.6%), while energy is the softest (-1.9%).
Month on month the headline eased from 3.4% to 3.1%, a step down from the month before.
Norway ranks number 18 of 30 European economies by annual inflation, from highest to lowest, between Italy and Portugal.
Norway's harmonised inflation is 3.1% as of May 2026 — abovethe European Central Bank's 2% target by 1.1 percentage points.
Compare with the rest of Europe on the European inflation ranking →
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 3.1% as of May 2026.
- Is Norway's inflation above or below Norges Bank's 2% target?
- At 3.1%, it is 1.1 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, 0.3 points above the eurozone average of 2.8%.
- Did Norway's inflation rise or fall last month?
- Month on month, the headline rate eased from 3.4% to 3.1% in May 2026.