Inflation Norway 2020
Average inflation: 1.3%
Inflation in 2020
Inflation is low at 1.3%, below the ECB target of 2%.
Peak and Trough
The highest inflation was in January at 1.8%. The lowest inflation was in March at 0.7%.
- Highest month
- January: 1.8%
- Lowest month
- March: 0.7%
- Difference
- 1.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Furnishings, household equipment and maintenance with an average of 6.9%. The lowest price increase was in Housing, water, electricity, gas and other fuels with an average of -3.5%.
- Highest increase
- Furnishings, household equipment and maintenance: 6.9%
- Lowest increase
- Housing, water, electricity, gas and other fuels: -3.5%
Historical Context
Inflation is 1.1 percentage points lower than the 5-year average of 2.4%.
- 5-year average
- 2.4%
- 10-year average
- 2%
- All-time high (2008)
- 3.8%
- All-time low (2004)
- 0.5%
Trend
Over the period 2018-2020, inflation shows a downward trend. Compared to 2019, inflation has fallen by 0.9 percentage points.
- Change vs. previous year
- -0.9 percentage points
- Largest monthly swing
- March: -2.2 percentage points
ECB Target
Inflation is 0.7 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 101.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2020
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2019 |
|---|---|---|
| January | 1.8% | -1.3 |
| February | 0.9% | -2.1 |
| March | 0.7% | -2.2 |
| April | 0.8% | -2.1 |
| May | 1.3% | -1.2 |
| June | 1.4% | -0.5 |
| July | 1.3% | -0.6 |
| August | 1.7% | +0.1 |
| September | 1.6% | +0.1 |
| October | 1.7% | -0.1 |
| November | 0.7% | -0.9 |
| December | 1.4% | 0.0 |
| Average | 1.3% |
Data source
Data from OECD. Last updated: 13/01/2026.