August 10, 2022 06:32 GMT
NORWAY JUL CPI +1.3% M/M (FCST +0.9%); JUN +0.9% M/M
NORWAY JUL CPI +6.8% Y/Y (FCST +6.3%); JUN +6.3% Y/Y
NORWAY JUL UNDERLYING CPI +4.5% Y/Y (FCST +3.8%); JUN +3.6% Y/Y
- Norwegian CPI saw a surprise 0.5pp acceleration to +6.8% y/y in the July data, beating consensus expectations of unchanged CPI at +6.3% y/y. Prices increased by +1.3% m/m (vs +0.9% anticipated). This is the highest annual rate since 1998.
- The hottest upticks were across food, which jumped by 7.6% m/m and household equipment, up 2.8% m/m.
- The underlying CPI-ATE index closely watched by the Norges Bank ticked up 0.7pp to +4.5% y/y, expanding by +1.5% m/m in July.
- With CPI running substantially hotter than the core target of 2.0%, and inflationary pressures showing little signs of easing, this data could improve the chance of another 50bp hike for Norges Bank next week. The bank's June forward guidance signalled a softer 25bp hike.
Source: Statistics Norway
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