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NORWAY: Headline inflation a bit higher than expected but underlying in line

NORWAY
CEEMEAData BulletBulletNorwayGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • At first glance, CPI-ATE broadly in line with expectations but there is an upward surprise of 2 tenths to headline CPI Y/Y.
  • EURNOK a little lower on the release (from about 11.802 to hit a low of 11.7867) but that doesn't even match the overnight lows seen early in the Asian session.
  • The Norges Bank September MPR forecast headline CPI to be 2.8%Y/Y in Q4-24 and CPI-ATE to be 3.0%Y/Y so today's print doesn't initially seem to endanger those forecasts.
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  • At first glance, CPI-ATE broadly in line with expectations but there is an upward surprise of 2 tenths to headline CPI Y/Y.
  • EURNOK a little lower on the release (from about 11.802 to hit a low of 11.7867) but that doesn't even match the overnight lows seen early in the Asian session.
  • The Norges Bank September MPR forecast headline CPI to be 2.8%Y/Y in Q4-24 and CPI-ATE to be 3.0%Y/Y so today's print doesn't initially seem to endanger those forecasts.