Energy prices clearly up. This is how inflation changed in Norway
Inflation in Norway reached 3.0 percent year-on-year in July 2026. The rate accelerated by 0.3 percentage points compared to June, mainly due to electricity prices and grid fees. Core inflation, however, remained at 2.7 percent.
The inflation rate increased compared to June 2026.
Fot. Fotolia (zdjęcie poglądowe)
Statistics Norway (SSB) reported that the consumer price index rose by 1.0 percent in July compared to June. Year-on-year, prices were 3.0 percent higher. Energy bills were particularly significant. Electricity prices, along with grid fees, increased in all price zones except the north of the country. At the same time, some of the largest grid operators raised previously announced fees.
Electricity drove the index. Grid fees also increased
Electricity prices, together with grid fees, rose by 7.3 percent from June to July 2026. A year earlier, during the same period, they fell by 2.3 percent. This difference caused the annual price growth in this group to increase by almost 10 percentage points in a month. According to SSB, the development of energy prices and grid fees raised the annual CPI growth by 0.3 percentage points.
Core inflation (CPI-JAE), i.e., the index adjusted for tax changes and excluding energy products, rose by 0.8 percent in July compared to June. Year-on-year, it stood at 2.7 percent. This is the same level as the previous month, and a similar dynamic was last recorded in January 2025. The index was mainly influenced in opposite directions by food prices and travel costs.
Core inflation (CPI-JAE), i.e., the index adjusted for tax changes and excluding energy products, rose by 0.8 percent in July compared to June. Year-on-year, it stood at 2.7 percent. This is the same level as the previous month, and a similar dynamic was last recorded in January 2025. The index was mainly influenced in opposite directions by food prices and travel costs.
Inflation and core inflation rates over the past 24 months.Ill. SSB
Food slowed the pace. Travel had the opposite effect
Food prices rose by 3.1 percent from June to July. A year earlier, the monthly increase was 4.6 percent, so the annual food price growth dropped to 0.9 percent. The last time the index was below 1.0 percent was in March 2022. In July, the biggest increases were seen in pears, salmon, trout, other fresh fish, and canned meat.
On the other hand, prices for travel-related services moved in the opposite direction. Passenger transport by ship increased by 12.8 percent in a month, which SSB links, among other things, to the introduction of summer fares on some ferry routes. Air ticket prices rose by 11.2 percent from June to July, and were 2.9 percent higher year-on-year. Organized tours increased by 2.2 percent in a month, while a year earlier, their prices fell by 3.5 percent during the same period.
On the other hand, prices for travel-related services moved in the opposite direction. Passenger transport by ship increased by 12.8 percent in a month, which SSB links, among other things, to the introduction of summer fares on some ferry routes. Air ticket prices rose by 11.2 percent from June to July, and were 2.9 percent higher year-on-year. Organized tours increased by 2.2 percent in a month, while a year earlier, their prices fell by 3.5 percent during the same period.
July 2026 brought clear differences between various categories of household spending. SSB notes that with stable core inflation, changes in energy prices and transport services related to the holiday season became more pronounced. At the same time, the annual food price growth fell to a level not seen since March 2022.
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