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Higher-Than-Expected Inflation Noted; Governor To Speak Later

NORGES BANK

No new projections or economic forecasts were included with today's Norges Bank decision, but the statement notes "the rise in prices has been broad-based in recent months and may entail that inflation will remain high for longer than expected earlier. This suggests a faster rise in the policy rate than forecast in June."

  • The prior projections saw four further 25bps hikes into end-2022 – which as MNI noted in our preview, looked out of date going into the decision given higher than expected July inflation.
  • Reminder that Governor Ida Wolden Bache will give a speech on the outlook for the Norwegian economy and the policy rate decision in Arendal, on 18 August at 1200BST - livestreamed (in Norwegian); text published on the Norges Bank website.
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