Inflation Norway 2023
Average inflation: 5.5%
Current Inflation
Inflation is very high at 5.5%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 7.0%. The lowest inflation was in September at 3.3%.
- Highest month
- January: 7.0%
- Lowest month
- September: 3.3%
- Difference
- 3.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 9.8%. The lowest price increase was in Miscellaneous goods and services with an average of 2.0%.
- Highest increase
- Food and non-alcoholic beverages: 9.8%
- Lowest increase
- Miscellaneous goods and services: 2.0%
Historical Context
Current inflation is 1.9% higher than the 5-year average of 3.6%. This approaches the highest level since records began (5.7% in 2022).
- 5-year average
- 3.6%
- 10-year average
- 3.1%
- All-time high (2022)
- 5.7%
- All-time low (2004)
- 0.5%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -0.2 percentage point.
- Change vs. previous year
- -0.2 percentage points
- Largest monthly swing
- January: +3.8 percentage points
ECB Target
Inflation is 3.5% 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 €105.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 7.0% | +3.8 |
| February | 6.3% | +2.6 |
| March | 6.5% | +2.0 |
| April | 6.4% | +1.0 |
| May | 6.7% | +1.0 |
| June | 6.4% | +0.1 |
| July | 5.4% | -1.4 |
| August | 4.8% | -1.7 |
| September | 3.3% | -3.6 |
| October | 4.0% | -3.5 |
| November | 4.8% | -1.7 |
| December | 4.8% | -1.1 |
| Average | 5.5% |
Data source
Data from OECD. Last updated: 13/01/2026.