FX.co ★ Norway Inflation Slows But Above Estimates

In October 2025, Norway experienced a reduction in its annual inflation rate to 3.3%, down from 3.6% the previous month. While this represented the lowest inflation rate since July, it still exceeded market predictions of 3.1%. The pace of price increases slowed in several sectors: food and non-alcoholic beverages saw inflation decrease to 6.2% from 6.3% in September; housing and utilities dropped significantly to 3.6% from 6.2%; and the restaurant and hotel sector saw a slight decline to 3.1% from 3.2%. Conversely, prices for clothing and footwear continued their downward trend, falling by 1.5% compared to a 2.1% drop previously. However, inflation showed an uptick in the transport sector, rising to 3.0% from 2.9%, and in recreation and culture, increasing significantly to 3.7% from 2.5%. Additionally, costs for furnishings and routine maintenance bounced back to 0.7%, following a previous decline of 1.3%. On a month-to-month basis, consumer prices grew by 0.3%, following a 0.4% increase in September. The CPI-ATE, which excludes the effects of energy products and tax changes, rose by 3.4% year-over-year in October, outperforming forecasts of 3.0% and marking its highest level in seven months. Compared to the previous month, this index surged by 0.6%, marking a significant acceleration from the 0.2% rise in September and reaching its fastest pace since July.