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MNI BRIEF: Norges Bank Survey Finds Rising Wage Expectations

Wage expectations for 2022 have risen and over half of businesses responding to the latest Norges Bank's business survey reported capacity constraints. The central bank's Regional Network Report, carried out before the Ukraine war started, painted a picture on mounting inflation pressure. Annual wage growth estimates for 2022 were revised up to 3.7% from 3.3% in the preceding survey in November.

Nearly six out of ten respondents said that they were fully utilising resources, that is running without spare capacity, the highest such reading since autumn 2007 at the start of the Global Financial Crisis. The survey is likely to reinforce expectations that Norges Bank will continue on its gradual tightening path.

MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com
MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com

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