Norway’s annual inflation rate ticked up to 3.2% in December 2025, compared to market expectations and the prior month’s figure of 3%. It marked the highest reading since September, as prices increased at a faster pace for food and non-alcoholic beverages (5.2% vs 4.7% in November), transport (2.7% vs 2.2%), housing and utilities (3.9% vs 3.7%), recreation and culture (3.1% vs 3%), health (3% vs 2.9%), and restaurants and hotels (5.1% vs 4.7%). On the other hand, costs moderated for alcoholic beverages and tobacco (3.3% vs 3.7%), communications (3.8% vs 4.8%), and miscellaneous goods and services (1.6% vs 1.7%). On a monthly basis, consumer prices stood at 0.1%, unchanged from November. The CPI-ATE, which excludes energy and tax effects, increased by 3.1% year-on-year, edging higher than both market expectations and the prior month’s figure of 3%.
