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Food Inflation Uptick Sees CPI Remain Elevated in April

MNI (London)

NORWAY APR CPI +1.1% M/M (FCST +0.7%); MAR +0.8% M/M

NORWAY APR CPI +6.4% Y/Y (FCST +6.1%); MAR +6.5% Y/Y


  • Norwegian inflation surprised to the upside in April, inching down 0.1pp to +6.4% y/y, against consensus looking for stronger decrease to +6.1% y/y.
  • Underlying (ex. energy and tax-adjusted) CPI saw a surprise re-acceleration by 0.1pp to +6.3% y/y.
  • The key driver of the stronger April underlying inflation print were higher food prices (up 1.9pp at +10.5% y/y).
  • Further strengthening of inflation pressures were noted across goods (up 0.2pp at +2.5% y/y), recreation and culture (up 0.7pp at +8.2% y/y), communications (up 0.8pp at +6.4% y/y), furnishings/household (up 1.2pp at +10.9%).
  • Last week Norges Bank hiked 25bps hike to 3.25% as expected, and signalled further tightening to come in June. This played into the policy path projections laid out in March, which priced a strong chance of 3.75% rates by year-end.
  • Focus on the NOK remains key, with the bank seeing the trajectory of the NOK as critical for monetary policy, and currency weakness raising the risk of protracted imported-inflation over the medium term.

Source: Statistics Norway

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