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NORWAY: PPI ex Energy Little Changed M/M, Focus On CPI Tomorrow

NORWAY
CEEMEABulletNorwayMarketsForeign Exchange Bullets

Norwegian PPI rose 3.3% M/M but was unchanged Y/Y in November. Excluding energy goods, producer prices rose just 0.2% M/M but annual growth was 5.3% Y/Y. November CPI is due tomorrow, with consensus expecting CPI-ATE at 2.8% Y/Y (vs 2.7% prior), which would still be two tenths below Norges Bank’s September MPR projection. This release and Thursday’s Regional Network Survey will be a key input into the December rate path.

  • Consumer goods PPI eased to 3.5% Y/Y (vs 4.3% prior), though 3m/3m momentum picked up for the third consecutive month.
  • On the import market, Statistics Norway’s price index for first-hand domestic sales points to an easing to 1.5% Y/Y (vs 1.9% prior).
  • Food inflation has been steadily declining through this year, and November PPI suggests this trend should continue. However, Statistics Norway still notes that food prices continue to increase, particularly for meat, fish, fruit, and vegetables.

 

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Norwegian PPI rose 3.3% M/M but was unchanged Y/Y in November. Excluding energy goods, producer prices rose just 0.2% M/M but annual growth was 5.3% Y/Y. November CPI is due tomorrow, with consensus expecting CPI-ATE at 2.8% Y/Y (vs 2.7% prior), which would still be two tenths below Norges Bank’s September MPR projection. This release and Thursday’s Regional Network Survey will be a key input into the December rate path.

  • Consumer goods PPI eased to 3.5% Y/Y (vs 4.3% prior), though 3m/3m momentum picked up for the third consecutive month.
  • On the import market, Statistics Norway’s price index for first-hand domestic sales points to an easing to 1.5% Y/Y (vs 1.9% prior).
  • Food inflation has been steadily declining through this year, and November PPI suggests this trend should continue. However, Statistics Norway still notes that food prices continue to increase, particularly for meat, fish, fruit, and vegetables.