Norway’s Consumer Prices Rise 3.6 Percent in October as Electricity Costs Climb

Norway consumer price inflation October 2026, Digi Mart USA News: Consumer prices in Norway rose 3.6 percent from October 2025 to October 2026, according to fresh figures from Statistics Norway (SSB). Prices rose sharply after the pandemic, peaked in 2022, and have since fallen but remain above the target.

Electricity prices were the main driver of the increase. Electricity, including grid fees, was 12.8 percent more expensive in October than a year earlier.

Despite the Norway price scheme, power costs rose because electricity prices in Northern Norway increased significantly. Prices in Central Norway were also very low in October last year, making the Norway price scheme unprofitable at that time.

Fuel prices rose 25.8 percent over the same period. Food prices rose 1.6 percent, which SSB described as among the lowest food price increases measured since spring 2022.

Frozen and fresh cod and bacon were among the foods that rose most in price, while berries, chocolate, and fresh salmon and trout fell the most.

Excluding electricity and taxes, prices in October were 2.7 percent higher than a year earlier, a slowdown from the previous month. This measure, known as core inflation, is the figure Norges Bank considers most important when setting interest rates.

The central bank aims to keep inflation stable at around 2 percent per year.

Norges Bank held its policy rate steady at 4.5 percent last week. Governor Ida Wolden Bache said that inflation has been above target for several years and that it will likely be necessary to keep rates elevated for some time.

The rate was raised repeatedly after the pandemic, held at 4.5 percent until May last year, then cut before being raised again to its current level.

When Norges Bank changes its rate, banks typically follow. The most recent rate increase, from 4.25 to 4.5 percent, took place in September.

Higher rates make mortgages more expensive. The source article notes that mortgage cost calculators use nominal rates and that bank transaction fees may add to borrowing costs.