Norway's consumer prices rise 3.4% on the year in September; core inflation is 3.0%
Statistics Norway's September figures show headline inflation at 3.4% and CPI-ATE, the measure Norges Bank uses to judge underlying inflation, at 3.0%.
Statistics Norway's consumer price index for September 2026 shows headline inflation at 3.4% on the year, with the index up 0.5% on the month. CPI-ATE, which adjusts for tax changes and excludes energy products and is the measure Norges Bank uses to judge underlying inflation, rose 3.0% on the year and 0.2% on the month.
The index levels
- CPI (all items): 104.0 (2025 = 100), up 0.5% on August
- CPI-ATE: 103.5, up 0.2% on August
Reading it
Headline inflation is above core, which means energy is lifting the total. Norges Bank raised its policy rate to 4.50% on 23 September, effective 25 September, a move covered in our report on the Norges Bank decision. Core inflation was 3.0% in September, the figure to watch for the bank's next decision.
For the August figures, see our report on Norwegian and Swedish inflation. For the krone's drivers, see the commodity currencies explained. Live prices: EUR/USD.
Sources
Common questions
What was Norway's inflation in September 2026?
Statistics Norway reports headline CPI up 3.4% on the year and CPI-ATE up 3.0%.
What is CPI-ATE?
It is the consumer price index adjusted for tax changes and excluding energy products. Norges Bank uses it to judge underlying inflation.
What is Norges Bank's policy rate?
The policy rate was raised to 4.50% effective 25 September 2026, from 4.25%.
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