FX.co ★ Norway Producer Prices at 21-Month Low

In Norway, producer prices experienced an 8.1% year-on-year decline in November 2025, following a 6.9% drop in October. This marked the seventh consecutive month of producer price deflation and the most significant decrease since February 2024. Notably, there was a sharper decline in prices for oil and natural gas extraction, with a fall of 25.8% compared to a 20.2% drop in October. Prices for energy goods also declined significantly, decreasing by 16.9% compared to a 15.0% reduction the previous month. However, there was a slight ease in price growth for manufacturing, which saw an increase of 1.8%, down from 1.9%. In contrast, the prices for electricity, gas, and steam continued to surge dramatically, rising 56.1%, an increase from 28.9% previously. When energy goods are excluded, overall producer price inflation rose to 1.6% in November, up from 1.0% in October. On a month-to-month comparison, the total Producer Price Index (PPI) saw a 2% increase, following a meager 0.1% rise in the preceding month.