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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 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
NORWAY APR UNDERLYING CPI +6.3% Y/Y (FCST +6.1%); MAR +6.2% 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
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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