Norway inflation rises to 3.3 percent in August

Norway's Consumer Price Index (CPI) rose by 3.3 percent from August 2025 to August 2026, marking a 0.3 percentage point increase in the growth rate compared to the previous month. Statistics Norway (SSB) reports that the rise was largely driven by increased costs for social care services, such as childcare and after-school programs. This follows a significant downward effect on inflation seen in the previous year due to reductions in maximum childcare fees.

Core inflation, measured by the CPI adjusted for tax changes and excluding energy and administered prices (KPI-JAE-XADM), stood at 3.0 percent. While food prices fell by 1.3 percent between July and August, the annual growth rate for food prices increased to 1.7 percent.

Economic analysts are monitoring the data for its impact on monetary policy. Kyrre M. Knudsen, chief economist at SpareBank 1 Sør-Norge, noted the uncertainty regarding upcoming interest rate decisions, suggesting a nearly even split in probability between unchanged rates and a potential increase in September.