Yes. It clearly suffices to check only for prime ideals, as both the left hand side and the right hand side are multiplicative on ideals. Therefore, wlog assume $ \mathfrak a = \mathfrak p_1 $ prime, and let $ p $ be the rational prime below $ \mathfrak p_1 $. $ p $ factors as
$$ p \mathcal O_K = (\mathfrak p_1 \mathfrak p_2 \ldots \mathfrak p_g)^e $$
where the $ \mathfrak p_i $ run over the distinct "conjugates" of the prime ideal $ \mathfrak p $. (This follows, since the Galois group acts transitively on the set of prime ideals lying over a fixed prime.) Letting $ f $ be the shared inertia degree, by definition, $ (N(\mathfrak p_1)) = (|\mathcal O_K / \mathfrak p_1|) = (p^f) $. On the other hand, we have:
$$ \prod_i \sigma_i(\mathfrak p_1) = (\prod_i \mathfrak p_i)^{ef} = (\mathfrak p_1 \mathfrak p_2 \ldots \mathfrak p_g)^{ef} = (p \mathcal O_K)^f = (p)^f = (p^f) $$
and the result follows.