10.02.202607:11:19UTC+00Norway Inflation Rate Picks Up to 3.6%

Norway’s annual inflation rate rose to 3.6% in January 2026 from 3.2% in December, significantly above the consensus forecast of 3.1%. This was the highest rate in four months, largely driven by stronger price growth in housing, water, electricity, gas and other fuels (4.3% vs 3.9%), as well as transport (4.4% vs 2.7%).

Price pressures also intensified for furnishings, household equipment and routine household maintenance (1.7% vs 0.3%), recreation, sport and culture (4.3% vs 4.0%), and restaurants and accommodation services (5.8% vs 5.1%). Meanwhile, clothing and footwear returned to positive inflation after a previous decline (0.7% vs -1.2%).

By contrast, inflation eased in several categories, including food and non-alcoholic beverages (4.2% vs 5.3%), alcoholic beverages, tobacco and narcotics (2.8% vs 3.3%), and health (2.7% vs 3.0%).

On a monthly basis, the consumer price index (CPI) increased by 0.6% in January, the largest rise since late July, following a 0.1% gain in December. The CPI-ATE, which excludes energy prices and tax changes, climbed 3.4% year-on-year, surpassing both market expectations of 3.0% and December’s 3.1% reading.