Producer prices in Norway fell by 0.1% year-on-year in May 2025, reversing a 2.1% gain in the previous month. This marked the first producer deflation since October 2024, as deflation deepened for the extraction of oil and natural gas (-7.5% vs -3.5% in April) and energy goods (-3.9% vs -1% in April). In addition, price growth eased for manufacturing (1.6% vs 3.2%). Meanwhile, prices rose at a much faster pace for electricity, gas, and steam (40.2% vs 19.4%). Excluding energy goods, producer prices rose 2.8% year-on-year in May, slowing from a 4.4% increase in the previous month. On a monthly basis, the producer prices declined by 3%, marking its third consecutive monthly fall, though easing from a 5.4% drop in April.