Inflation Norway 2004
Average inflation: 0.5%
Current Inflation
Inflation is very low at 0.5%, well below the ECB target.
Peak and Trough
The highest inflation was in July at 1.5%. The lowest inflation was in January at -1.8%.
- Highest month
- July: 1.5%
- Lowest month
- January: -1.8%
- Difference
- 3.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Alcoholic beverages, tobacco and narcotics with an average of 7.9%. The lowest price increase was in Clothing and footwear with an average of -6.9%.
- Highest increase
- Alcoholic beverages, tobacco and narcotics: 7.9%
- Lowest increase
- Clothing and footwear: -6.9%
Historical Context
Current inflation is 1.6% lower than the 5-year average of 2.1%. This approaches the lowest level since records began (0.5% in 2004).
- 5-year average
- 2.1%
- 10-year average
- 2.1%
- All-time high (2000)
- 3.1%
- All-time low (2004)
- 0.5%
Trend
Inflation has remained relatively stable. Compared to 2003, the difference is minimal (-2.0 percentage point).
- Change vs. previous year
- -2.0 percentage points
- Largest monthly swing
- January: -6.8 percentage points
ECB Target
Inflation is 1.5% below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
At this inflation rate, purchasing power gradually decreases. The impact on daily expenses is relatively limited.
What you could buy for €100 this year will cost approximately €100.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2004
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2003 |
|---|---|---|
| January | -1.8% | -6.8 |
| February | -1.8% | -6.8 |
| March | -0.6% | -4.4 |
| April | 0.2% | -2.7 |
| May | 1.0% | -1.0 |
| June | 1.2% | -0.6 |
| July | 1.5% | 0.0 |
| August | 1.0% | -1.2 |
| September | 1.1% | -0.9 |
| October | 1.4% | -0.2 |
| November | 1.2% | -0.2 |
| December | 1.1% | +0.5 |
| Average | 0.5% |
Data source
Data from OECD. Last updated: 11/01/2026.