Norway: Inflation on expected lines – Nordea Markets

Sandeep Kanihama FXStreet Contributor

Erik Johannes Bruce, analyst at Nordea Markets, notes that Norway’s inflation in June came in close to Norges Bank’s forecast with core inflation remaining unchanged at 2.3% y/y from May.

Key Quotes

“Consensus was 2.3% while Norges Bank and Nordea was 2.4%.”

“The main picture was very much as expected. Food prices increased m-o-m and more than last year pulling up core y-o-y.”

“This figure was very much as expected, and Norges Bank will ignore inflation 0.1% point below forecast. Norges Bank will hike in September and we also think it highly likely that it will signal such a hike clearly at the August meeting. However, we are to receive the July inflation figure before that and July has often surprised before.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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