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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 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
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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