Inflation Norway 2021
Average inflation: 3.5%
Current Inflation
Inflation is high at 3.5%, well above the ECB target.
Peak and Trough
The highest inflation was in December at 5.3%. The lowest inflation was in January at 2.5%.
- Highest month
- December: 5.3%
- Lowest month
- January: 2.5%
- Difference
- 2.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Housing, water, electricity, gas and other fuels with an average of 10.0%. The lowest price increase was in Food and non-alcoholic beverages with an average of -2.0%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 10.0%
- Lowest increase
- Food and non-alcoholic beverages: -2.0%
Historical Context
Current inflation is 1.2% higher than the 5-year average of 2.3%. This approaches the highest level since records began (3.8% in 2008).
- 5-year average
- 2.3%
- 10-year average
- 2.2%
- All-time high (2008)
- 3.8%
- All-time low (2004)
- 0.5%
Trend
Inflation shows an upward trend. Compared to 2020, inflation has risen by +2.2 percentage point.
- Change vs. previous year
- +2.2 percentage points
- Largest monthly swing
- November: +4.4 percentage points
ECB Target
Inflation is 1.5% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2021
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2020 |
|---|---|---|
| January | 2.5% | +0.7 |
| February | 3.3% | +2.4 |
| March | 3.1% | +2.4 |
| April | 3.0% | +2.2 |
| May | 2.7% | +1.4 |
| June | 2.9% | +1.5 |
| July | 3.0% | +1.7 |
| August | 3.4% | +1.7 |
| September | 4.1% | +2.5 |
| October | 3.5% | +1.8 |
| November | 5.1% | +4.4 |
| December | 5.3% | +3.9 |
| Average | 3.5% |
Data source
Data from OECD. Last updated: 13/01/2026.