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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 NOV CPI -0.2% M/M (FCST +0.3%); OCT +0.3% M/M
NORWAY NOV CPI +6.5% Y/Y (FCST +7.0%); OCT +7.5% Y/Y
NORWAY NOV UNDERLYING CPI -0.1% M/M, +5.7% Y/Y (FCST +6.0%); OCT +5.9% Y/Y
- Norwegian CPI was lower than anticipated in November, declining by -0.2% m/m (vs Oct and forecast +0.3%) and easing 1pp to +6.5% y/y in November (vs forecast +7.0%).
- The Norges Bank's closely watched underlying CPI (CPI-ATE) recorded a downside surprise, ticking down 0.3pp from the October series high to +5.7% y/y.
- Month-on-month downward pressure emanated from easing food, furnishings, transport, communications, recreation and hospitality prices.
- Statistics Norway released their December Economic Trends report this morning.
- Tighter monetary policy is seen dragging on growth, with the key policy rate projected to peak at 3% at the start of 2023, implying 50bp of tightening remaining in the current cycle. Rates should ease again towards the end of 2023, to around 2% in 2024.
- Growth expectations were updated to 3.8% in 2022 and 1.2% in 2023. CPI is projected to be 5.8% in 2022, easing to 4.9% in 2023 (markedly higher than the Sept forecast of 2.5%), although a sharp decline is seen towards 2023 year-end.
Norway CPI 12-Month Rate:
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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