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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
Norwegian February CPI-ATE is expected to print unchanged at 5.3% Y/Y, as is headline rate (at 4.7% Y/Y). An in line print would still be below the Norges Bank's December MPR forecast, though these projections are now stale, with an updated set due at the March 21 Monetary Policy meeting.
- There is uncertainty around the development of food prices (which are included in the CPI-ATE rate), with February usually coinciding with bi-annual price setting amongst grocers.
- Barring a large downward surprise in CPI-ATE, we do not think February's inflation reading alone will change the picture much for the Norges Bank.
- Inflation is still running significantly above target and the Norges Bank are also cognizant of the 2024 wage negotiation round, which begins next Friday.
- EURNOK has been rangebound between 11.3000 and 11.5000 since mid-January. A CPI-ATE surprise in either direction may see these levels tested, though persistent breaches would likely need external forces working in the same direction as well.
Bloomberg Consensus: CPI-ATE 5.3% Y/Y; CPI 4.7% Y/Y
Norges Bank: CPI-ATE 5.5% Y/Y; CPI 5.3% Y/Y
January: CPI-ATE 5.3% Y/Y, 0.0% M/M; CPI 4.7% Y/Y, 0.1% M/M
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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