Norway’s annual inflation rate eased to 3.3% in October 2025 from 3.6% in the prior month, marking the lowest level since July but surpassing market forecasts of 3.1%. Price growth eased for food and non-alcoholic beverages (6.2% vs 6.3% in September), housing and utilities (3.6% vs 6.2%), and restaurants and hotels (3.1% vs 3.2%). At the same time, clothing and footwear prices continued to fall (-1.5% vs -2.1%). In contrast, inflation accelerated for transport (3.0% vs 2.9%) and recreation and culture (3.7% vs 2.5%). Costs also rebounded for furnishings and routine maintenance (0.7% vs -1.3%). On a monthly basis, consumer prices rose 0.3%, after a 0.4% gain in September. Meanwhile, the CPI-ATE, which excludes energy products and tax changes, increased 3.4% yoy in October, topping forecasts of 3.0% and registering the highest level in seven months. Month-on-month, it increased 0.6%, sharply accelerating from a 0.2% rise previously and hitting its strongest pace since July.