Inflation Norway 2024
Average inflation: 3.2%
Current Inflation
Inflation is high at 3.2%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 4.7%. The lowest inflation was in December at 2.2%.
- Highest month
- January: 4.7%
- Lowest month
- December: 2.2%
- Difference
- 2.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Recreation and culture with an average of 5.5%. The lowest price increase was in Communication with an average of 1.0%.
- Highest increase
- Recreation and culture: 5.5%
- Lowest increase
- Communication: 1.0%
Historical Context
Current inflation is 0.6% lower than the 5-year average of 3.8%.
- 5-year average
- 3.8%
- 10-year average
- 3.2%
- All-time high (2022)
- 5.7%
- All-time low (2012)
- 0.7%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +2.3 percentage point.
- Change vs. previous year
- -2.3 percentage points
- Largest monthly swing
- June: -3.8 percentage points
ECB Target
Inflation is 1.2% 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 €103.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 4.7% | -2.3 |
| February | 4.5% | -1.8 |
| March | 3.9% | -2.6 |
| April | 3.6% | -2.8 |
| May | 3.0% | -3.7 |
| June | 2.6% | -3.8 |
| July | 2.8% | -2.6 |
| August | 2.6% | -2.2 |
| September | 3.0% | -0.3 |
| October | 2.6% | -1.4 |
| November | 2.4% | -2.4 |
| December | 2.2% | -2.6 |
| Average | 3.2% |
Data source
Data from OECD. Last updated: 11/01/2026.