Inflation Norway 2004
Average inflation: 0.5%
Inflation in 2004
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
Inflation is 1.6 percentage points 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
Over the period 2002-2004, inflation has remained relatively stable. Compared to 2003, inflation has fallen by 2.0 percentage points.
- Change vs. previous year
- -2.0 percentage points
- Largest monthly swing
- January: -6.8 percentage points
ECB Target
Inflation is 1.5 percentage points 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 NOK 100 this year will cost approximately NOK 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: 13/01/2026.