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CPI Re-Accelerates in May

MNI (London)

NORWAY MAY CPI +0.5% M/M (FCST +0.3%); APR +1.1% M/M

NORWAY MAY CPI +6.7% Y/Y (FCST +6.3%); APR +6.4% Y/Y


  • Norwegian CPI saw a third consecutive uptick in May, with both headline and core jumping to +6.7% y/y, up 0.3pp and 0.4pp respectively. Prices accelerated by +0.5% m/m (+0.7% for underlying).
  • A renewed surge in food prices and to a lesser extent clothing and apparel drove the bulk of the upside surprise in May.
  • Prices rose across most categories on the month, led by a jump in food (+2.3% m/m), clothing (+2.1%) and restaurants/hotels (+0.9%).
  • On the year, CPI slowed for recreation and culture (down 0.9pp to +7.3% y/y) and transport (down 0.4pp to +7.9%).
  • Meanwhile, food jumped 2.2pp to +12.7% y/y. Further accelerations were recorded across communications (up 0.7pp to +7.1%), housing and utilities (up 1.0pp to +5.0%), clothing (up 0.9pp to +3.4%).
  • The Norges Bank hiked 0.25bp to 3.25% in May, flagging that further tightening would be necessary should krone weakness persist. Markets are currently looking for a 25bp hike in June, with today's CPI data underscoring the need for another hike to tame sticky underlying inflationary pressured.

Source: Statistics Sweden

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