FX.co ★ Norway Inflation Rate Falls More Than Expected

In March 2025, Norway's annual consumer inflation rate decreased to 2.6%, down from a ten-month peak of 3.6% in February, and it fell short of predictions which estimated 2.9%. This decline is primarily attributed to a significant slowdown in inflation related to housing and utilities, which dropped to 1.3% from 5.1%. There was also a moderation in price increases across several categories, including furnishings, household equipment, and maintenance (0.4% compared to 1.8%), health (4.8% versus 5%), transport (1.5% down from 1.7%), and the restaurant and hotel sector (3.4% compared to 3.9%). On a month-to-month basis, consumer prices fell by 0.7%, countering the 1.4% increase seen in February and surpassing the anticipated 0.5% decline. Concurrently, the Consumer Price Index adjusted for tax changes and excluding energy products (CPI-ATE) increased by 3.4% year-on-year, aligning with both February's rate and forecasts, and maintaining its highest level since June 2020. Month-over-month, the CPI-ATE saw a modest rise of 0.2%, a reduction from February’s increase of 1% but slightly exceeding the anticipated 0.1% increment.