Norway’s annual inflation rate eased to 3.1% in May 2026 from 3.4% in the previous month, pointing to the lowest reading since February. Price growth slowed for food and non-alcoholic beverages (3.4% vs 6.6% in April), alcoholic beverages and tobacco (3.0% vs 3.5%), housing and utilities (2.8% vs 3.6%), and recreation and culture (3.8% vs 4.0%). Meanwhile, inflation held steady for education services (at 2.4%). Simultaneously, prices for personal care and miscellaneous goods remained in deflation (-1.5% vs -1.3%). In contrast, costs accelerated for clothing (1.8% vs 1.5%), furnishings and household equipment (2.3% vs 0.3%), health (4.1% vs 3.4%), transport (2.6% vs 2.4%), and restaurants and accommodation services (6.2% vs 5.8%). Meanwhile, the CPI-ATE, which excludes energy and tax effects, increased 3.4% year-on-year, marking the highest level in four months and accelerating from April’s 3.2%. On a monthly basis, the CPI rose 0.2%, slowing from a 0.2% gain in April.

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