Norway’s producer prices fell 9.4% year-on-year in February 2026, extending the 7.8% decline recorded in January. The drop was largely driven by a steep fall in the extraction of oil and natural gas, where prices sank 27.4% after a 25.7% decrease in the previous month. Energy goods overall also saw a sharper decline, with prices down 20.9% compared with a 17.5% fall in January.
In contrast, price growth for electricity, gas, and steam eased markedly, slowing to 30.7% from 58.2%. Manufacturing costs as a whole were unchanged, holding at a 0.9% annual increase. Within manufacturing, a 23.2% drop in prices for refined petroleum products was balanced by gains in food products (7.1%), basic metals (2.8%), and machinery and equipment (5.4%).
Excluding energy goods, producer prices rose 4.2% year-on-year, quickening from a 3.0% increase in January. On a monthly basis, overall producer prices declined 0.7% in February, reversing the 8.9% surge seen in January.
