PUBLISHED February 28, 2026
According to “Sterk prisvekst i januar” published by Statistics Norway (SSB), inflation in Norway accelerated at the beginning of 2026, highlighting that price pressures remain persistent despite earlier signs of moderation.
The Consumer Price Index (CPI) rose 3.6% year-on-year in January 2026, an increase of 0.4 percentage points compared with December. The monthly rise was also notable, with prices climbing 0.6% from December to January, signalling renewed momentum in consumer costs.
Housing, Cars and Electricity Push Prices Higher
SSB points to several key drivers behind the January uptick. The strongest upward pressure came from higher rents, car prices and electricity costs, which together lifted the overall inflation rate.
Housing costs played a particularly important role. Rents increased 0.6% month-on-month and were 3.8% higher than a year earlier, continuing a steady upward trend in housing expenses.
Car prices also jumped following tax changes at the turn of the year. Prices rose 3.5% from December and were 4.1% higher year-on-year, partly because the VAT threshold for electric vehicles was reduced.
Electricity added further pressure. Including grid fees, power prices increased 5.0% month-on-month and were 9.4% higher than a year earlier, although support schemes softened the impact for many households.
Beyond energy and goods, services inflation continues to run hot. Prices for services excluding rent rose 0.6% from December and were 4.1% higher year-on-year, marking a clear acceleration.
Insurance costs were a standout contributor. Premiums increased 4.8% in a single month and were 16.6% higher than a year earlier, one of the sharpest increases recorded in this category. The data underline that underlying price pressure in the service sector remains broad-based.
Beyond energy and goods, services inflation continues to run hot. Prices for services excluding rent rose 0.6% from December and were 4.1% higher year-on-year, marking a clear acceleration.
Insurance costs were a standout contributor. Premiums increased 4.8% in a single month and were 16.6% higher than a year earlier, one of the sharpest increases recorded in this category. The data underline that underlying price pressure in the service sector remains broad-based.
One moderating factor came from food and non-alcoholic beverages. Prices in this category rose 1.4% month-on-month and were 4.2% higher than a year earlier, but the annual growth rate was 1.1 percentage points lower than in December.
SSB notes that food prices typically rise in January after December promotions, but this year’s increase was smaller than the usual seasonal pattern. This helped prevent an even stronger headline inflation figure.
The CPI adjusted for tax changes and excluding energy products (CPI-ATE) — a key measure of underlying inflation — rose 3.4% year-on-year, up 0.2 percentage points from December.
This confirms that inflation pressures are not limited to volatile energy components but remain embedded in the broader price structure of the economy.
Taken together, the January figures show that Norway’s disinflation process is proving uneven. While some components such as food are cooling, housing, services and energy continue to push prices upward.
For policymakers and markets, the message is clear: inflation is moving in the right direction compared with earlier peaks, but the latest data indicate that price pressures remain stubbornly elevated at the start of 2026.
Bottom line: Norway entered 2026 with stronger-than-expected inflation momentum. Although some categories are stabilising, broad-based price growth — particularly in services and housing — suggests the path back to full price stability may take longer than hoped.
One moderating factor came from food and non-alcoholic beverages. Prices in this category rose 1.4% month-on-month and were 4.2% higher than a year earlier, but the annual growth rate was 1.1 percentage points lower than in December.
SSB notes that food prices typically rise in January after December promotions, but this year’s increase was smaller than the usual seasonal pattern. This helped prevent an even stronger headline inflation figure.
The CPI adjusted for tax changes and excluding energy products (CPI-ATE) — a key measure of underlying inflation — rose 3.4% year-on-year, up 0.2 percentage points from December.
This confirms that inflation pressures are not limited to volatile energy components but remain embedded in the broader price structure of the economy.
Taken together, the January figures show that Norway’s disinflation process is proving uneven. While some components such as food are cooling, housing, services and energy continue to push prices upward.
For policymakers and markets, the message is clear: inflation is moving in the right direction compared with earlier peaks, but the latest data indicate that price pressures remain stubbornly elevated at the start of 2026.
Bottom line: Norway entered 2026 with stronger-than-expected inflation momentum. Although some categories are stabilising, broad-based price growth — particularly in services and housing — suggests the path back to full price stability may take longer than hoped.
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