Inflation Norway 2022
Average inflation: 5.7%
Current Inflation
Inflation is very high at 5.7%, far above the ECB target.
Peak and Trough
The highest inflation was in October at 7.5%. The lowest inflation was in January at 3.2%.
- Highest month
- October: 7.5%
- Lowest month
- January: 3.2%
- Difference
- 4.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Transport with an average of 8.9%. The lowest price increase was in Clothing and footwear with an average of 0.6%.
- Highest increase
- Transport: 8.9%
- Lowest increase
- Clothing and footwear: 0.6%
Historical Context
Current inflation is 2.6% higher than the 5-year average of 3.1%. This approaches the highest level since records began (5.7% in 2022).
- 5-year average
- 3.1%
- 10-year average
- 2.7%
- All-time high (2022)
- 5.7%
- All-time low (2004)
- 0.5%
Trend
Inflation shows an upward trend. Compared to 2021, inflation has risen by +2.2 percentage point.
- Change vs. previous year
- +2.2 percentage points
- Largest monthly swing
- October: +4.0 percentage points
ECB Target
Inflation is 3.7% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €105.70 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 3.2% | +0.7 |
| February | 3.7% | +0.4 |
| March | 4.5% | +1.4 |
| April | 5.4% | +2.4 |
| May | 5.7% | +3.0 |
| June | 6.3% | +3.4 |
| July | 6.8% | +3.8 |
| August | 6.5% | +3.1 |
| September | 6.9% | +2.8 |
| October | 7.5% | +4.0 |
| November | 6.5% | +1.4 |
| December | 5.9% | +0.6 |
| Average | 5.7% |
Data source
Data from OECD. Last updated: 11/01/2026.