Norway inflation hits 3.6%, but core comes in below forecast
Norwegian prices rose 3.6% year on year in October, up from 3.4% in September. Core inflation, the central bank's key gauge, rose 0.3% on the month against a 0.4% forecast.
Event: November 10, 2026
Primary source: November 10, 2026
Published here: November 10, 2026 at 08:56 AM UTC
Read: 1 min
What happened
On November 10 Statistics Norway (SSB) released the October consumer price index. Prices rose 3.6% year on year, up from 3.4% in September. Markets expected 3.7%. Core inflation, CPI-ATE, which strips out tax changes and energy, was 2.7% on the year and 0.3% on the month against a 0.4% forecast.
Why it matters to you
CPI-ATE is Norges Bank's main guide for rates. Core inflation came in slightly softer than expected. That argues against the bank keeping rates high for longer. The krone and Norwegian bond yields hang on it.
What to check and watch
Services are rising faster than goods: up 4.1% versus 2.8%. SSB's next report is due December 10. Watch Norges Bank's next rate decision. This is an overview, not advice.
Where it’s happening
LIVEDrag to spin. Green dots: the exchange is trading right now (regular hours, holidays not counted). Shadow: where it is night now. Borders: Natural Earth, quakes: USGS. Layer idea: God’s Eye View (MIT).
What happened. The headline index rose 0.3% on the month. Adjusted for tax changes (CPI-AT), prices rose 5.1% on the year. Without taxes and energy (CPI-ATE) the rise was 2.7%.
What rose most. Insurance and financial services were up 6.4% on the year, restaurants and hotels 6.1%, transport 5.4%. Housing, water, electricity and fuel rose 5.1%, health 4.8%, education 4.3%.
What got cheaper. Furniture and household goods fell 1.4% on the year, communication 0.6%. Food and soft drinks rose 1.4% on the year but fell 0.4% in October.
Services versus goods. Services rose 4.1% on the year, goods 2.8%. On the month services rose 0.5% and goods fell 0.1%. Services where wages make up most of the price rose 4.0%.
Why markets care. Central banks watch core inflation, not the headline. A slightly softer reading eases pressure on Norges Bank. How much will show at its next decision.
Confirmed facts
- Norway's consumer price index rose 3.6% year on year and 0.3% month on month in October 2026.[1][2]
- CPI-ATE, excluding tax changes and energy, rose 2.7% on the year and 0.3% on the month.[1][2]
- The forecast was 3.7% for headline inflation and 0.4% month on month for CPI-ATE; headline inflation was 3.4% in September.[2]
- CPI-AT, adjusted for tax changes, rose 5.1% on the year.[1]
- Services prices rose 4.1% on the year, goods 2.8%.[1][2]
- Insurance and financial services rose 6.4%, restaurants and hotels 6.1%, transport 5.4%.[1][2]
- Furniture and household goods fell 1.4% on the year, communication 0.6%.[1]
- SSB's next price report is due December 10, 2026.[1]
Implications
- ConfirmedNorway's core inflation came in slightly below market expectations in October.
- Our readingThis may ease pressure on Norges Bank to keep rates high. This is our inference.
- Our readingFast-rising services prices show inflation has not gone away yet. This is our inference.
Still unknown
- How Norges Bank weighs this data at its next decision
- Whether core inflation keeps slowing in November
- How the krone reacts
Who it affects
Norway, Europe. People who watch the krone, Norwegian bonds and European rates
Sources
- Statistics Norway (SSB): Consumer price index, October 2026 November 10, 2026 · official
- Investing.com: Norway's core inflation rises less than forecast in October November 10, 2026 · media
Cover: Freekonomist graphic, a symbolic image, not a photo of the event. This is a news explainer, not financial advice.
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