Norway’s annual inflation rate eased to 2.7% in June 2026 from 3.1% in the previous month, well below market expectations of 3.2%. It marked the lowest reading since February, as price growth slowed across major categories, particularly food and non-alcoholic beverages (2.3% vs 3.4% in May) and transport (1.7% vs 2.6%). Inflation also eased for alcoholic beverages and tobacco (2.8% vs 3%), health (3.8% vs 4.1%), information and communication (1.8% vs 5.7%), recreation, sport and culture (3% vs 3.8%), and restaurants and accommodation services (6% vs 6.2%). By contrast, price growth accelerated for housing and utilities (3.4% vs 2.8%) and clothing and footwear (2.6% vs 1.8%). On a monthly basis, the CPI fell 0.2%, reversing a 0.2% increase in May and defying market expectations of a 0.3% rise. Meanwhile, the CPI-ATE, which excludes energy prices and tax changes, stood at 3.4% year-on-year, unchanged from May and remaining at its highest level since January.

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