Inflation Norway 2021
Average inflation: 3.5%
Inflation in 2021
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
Inflation is 1.2 percentage points 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
Over the period 2019-2021, inflation shows an upward trend. Compared to 2020, inflation has risen by 2.2 percentage points.
- Change vs. previous year
- +2.2 percentage points
- Largest monthly swing
- November: +4.4 percentage points
ECB Target
Inflation is 1.5 percentage points 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 NOK 100 this year will cost approximately NOK 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.