December Sees Higher Inflation. Energy Stabilizes, Food Prices Rise

Data published on January 9 by Statistics Norway (SSB) show an annual price increase of 0.2 percentage points compared to November. The change was mainly influenced by the prices of food, transport, and energy. On a monthly basis, the index rose by 0.1 percent.

Prices of food and non-alcoholic beverages were 5.2 percent higher in December than a year earlier. Monthly, they fell by 1.7 percent, but less than in the same period in 2024. This increased the annual price dynamics both in this category and in the overall CPI.

A significant increase was also recorded in transport. Airfare prices rose by 7.4 percent month-on-month and were 4.8 percent higher than a year ago. The main increases were seen in international flights. Fuel prices rose by 0.5 percent compared to November, while a year earlier they had fallen.

Electricity prices, including grid fees, fell by 0.1 percent month-on-month in December. This was one of the smallest changes between November and December in nearly 30 years. SSB points to the impact of Norgespris and the energy support system for consumers. At the same time, after adjusting for support mechanisms, the annual electricity price growth rose to 6.0 percent.

Core inflation (CPI-JAE) was 3.1 percent in December, 0.1 percentage points higher than in November. This indicator excludes energy and indirect taxes, which is why it grew more slowly than the CPI. Factors limiting price growth included telecommunications services, rents, and a 7.3 percent month-on-month drop in toy and game prices.

Along with the December data, the annual inflation rate for the entire year 2025 was published. The average annual price increase was 3.1 percent, the same as in 2024. Statistics Norway also announced methodological changes starting January 2026. The CPI will be based on a new consumption classification, with 2025 as the base year.