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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NORWAY
MNI (London)
NORWAY JUN CPI +0.6% M/M; +6.4% Y/Y (FCST +6.3%); MAY +6.7% Y/Y
NORWAY JUN UNDERLYING CPI +0.9% M/M; +7.0% Y/Y (FCST +6.6%); MAY +6.7% Y/Y
- Norway's June inflation report was mixed, yet likely to add to inflation-concerns at Norges Bank after underlying CPI-ATE (ex. tax changes and energy) reached a fresh series high.
- Headline CPI was 0.1pp stronger than expectations, cooling by 0.3pp to +6.4% y/y. The decline was largely driven by the -4.3% y/y fall in energy.
- Yet underlying Norwegian CPI surprised to the upside, accelerating by 0.3pp to +7.0% y/y against expectations of a 0.1pp slowdown.
- Core goods inflation accounted for the bulk of upwards core pressure, assisted by stronger clothing and furnishing inflation.
- The June report also flagged stronger price pressures in certain services.
- CPI-ATE for recreation and culture quickened by 1.8pp to +9.1% y/y, yet restaurants and hotels slowed by 1.9pp to +5.6% y/y and transport by a 2.9pp to +3.2% y/y.
- A 25bp hike at the August Norges Bank meeting had been anticipated, however the stickiness of underlying CPI will provide hawks with ammunition to put a 50bp hike back on the table.
Source: Statistics Norway
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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