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Inflation Eases in Feb after Jan Rebound

NORWAY
MNI (London)

NORWAY FEB CPI +0.4% M/M, +6.3% Y/Y; JAN +7.0% Y/Y

NORWAY FEB UNDERLYING CPI +0.7% M/M, +5.9% Y/Y; JAN +6.4% Y/Y

  • Norwegian CPI surprised to the downside in the February data, easing by 0.7pp to +6.3% y/y on the headline print, vs +6.8% y/y expected by consensus. Prices rose +0.4% m/m.
  • The Norges Bank's closely watched CPI-ATE (ex. energy and tax changes) cooled by 0.5pp to +5.9% y/y. This was lower than the modest 0.1pp slowing expected. In January, CPI-ATE had accelerated to a high of +6.4% y/y.
  • The fall in Norwegian CPI was driven across a variety of categories: recreation/culture, transport, furnishings, household equipment and maintenance, housing, clothing, alcohol/tobacco, food/non-alcoholic beverages (with the latter seeing the biggest fall from +12.0% y/y to +8.8% y/y). Apparel, housing/utilities and recreation recorded deflationary month-on-month readings in February.

Source: Statistics Norway

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