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Series High Core CPI Flags Risk of 50bps in August

NORGES BANK

Snap Norges Bank views following this morning's bumper CPI print - most acknowledge greater risk of 50bps hike at August meeting, but caution another inflation print is due ahead of next rate decision:

  • Handelsbanken: At present, figures point to a higher peak for the trajectory of the key policy rate path. Another double rate hike in August cannot be ruled out.
  • JP Morgan: Do not think will justify 50bps hike in August, sticks to forecast for 25bps in August and September, but risk clearly to the upside.
  • Nomura: Supports view for three further 25bps hikes.
  • SEB: Signs of broadly based price pressures mean the likelihood of another 50bps hike at the interim decision in August has increased.
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