That is the correct way to say it, though.
I fjor, i år, neste år. (Last year, this year, next year.)
Technically, the direct translation is "forrige år" ('forrige' literally meaning '(the) last' or 'preceding' -- pronounced "for-jeh"), but you wouldn't normally say that as last year widely is talked about as "i fjor".
Forrige is more commonly used for other purposes, for example:
- Forrige gang du var her, [...]. (the last time you were here, [...].)
- Den forrige husverten jeg hadde. (The last landlord I had.)
- Min forrige lege. (My last/previous doctor/GP.)
- I mitt forrige hus. (In my last/previous house.)
- I den forrige boken hun skrev.. (In the last book she wrote)
I notice a pattern with this. When you establish the setting with the very first words of a sentence (ie today, yesterday, tomorrow, etc), the verb comes next followed by the subject pronoun. You could say, "Hun skrev en bok i fjor." This is different because when she wrote it comes at the end of the sentence. I could list more examples, but... nå er det nok.