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