Key facts
- Norway's annual core inflation rate unexpectedly rose to 3.4% in May.
- The core inflation rate in May was 3.22% YoY, an increase from 3.01% YoY in April.
Norway's May core inflation unexpectedly rises to 3.4%
IN SHORT
Norway's annual core inflation rate unexpectedly increased to 3.4% in May, surpassing previous expectations and potentially influencing Norges Bank's upcoming interest rate decision. The central bank targets inflation at 2% and is set to announce its next policy rate on June 18.
Key Numbers
3.4%Norway's May core inflation rate
3.22%Norway's May core inflation YoY
3.01%Norway's April core inflation YoY
103.10Norway Core Consumer Prices May 2026
102.70Norway Core Consumer Prices April 2026
2%Norges Bank inflation target
Who's Involved
Norges Bank
Norway's central bank, responsible for monetary policy and inflation targeting
Statistics Norway (SSB)
Publisher of Norway's Core Inflation (CPI-ATE) data
Robert Tidball
Author of FXMacroData article on Norway's core inflation
↳ Why This Matters
The unexpected rise in Norway's core inflation suggests that price pressures are more persistent than anticipated, potentially leading Norges Bank to maintain a hawkish stance on interest rates and influencing the Norwegian Krone.