Norway inflation rises to 3% in July driven by energy costs

Norway's Consumer Price Index (CPI) rose 3.0% from July 2025 to July 2026, according to Statistics Norway. This increase represents a 0.3 percentage point rise in the growth rate compared to June.

The surge in inflation was primarily driven by electricity and network fees, which rose 7.3% from June to July. This increase was attributed to announced hikes in network fees from major providers and price increases across most electricity price zones, excluding the north.

In contrast, core inflation (CPI-JAE), which excludes energy products and is adjusted for tax changes, stood at 2.7% over the twelve-month period. This matches the twelve-month growth rate seen in June. Food prices rose 3.1% from June to July, though a higher growth rate during the same period last year helped dampen the twelve-month increase for that specific category.

Economists suggest the core inflation figures may influence Norges Bank's upcoming interest rate decision. Kyrre M. Knudsen, chief economist at Sparebank 1 Sør-Norge, noted that because core inflation was below the 3% mark—lower than Norges Bank's estimates—there is a high probability the central bank will keep the policy rate unchanged at 4.25%.