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Inflation in March: Riksbank to delay rate hike

  • Inflation back in line with Riksbank forecast
  • Driven by surprisingly high energy prices; underlying inflation also looks decent
  • Riksbank to delay rate hike, as core inflation disappointment tips the balance

Johan Löf

Senior Economist

Sweden

jolo22@handelsbanken.se

Latest analyses

2018-04-12

Fast Comment Sweden

2018-04-05

Fast Comment Sweden

2018-03-29

Fast Comment Sweden

Latest publications in

UK Comment — UK industrial production disappointed in February

  1. Production lifted by energy and weighed down by manufacturing and mining
  2. Bad weather in Feb. did not affect manufacturing numbers, according to the ONS
  3. Underlying manufacturing momentum seems to have slowed in Q1

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

Fast Comment Finland — Industrial activity still robust, but likely maturing

  1. Industrial production grew by 3.4 percent in y-o-y terms, but decreased from the previous month
  2. Exports still growing strongly
  3. Robust growth in industrial activity, but we see signs of softening

Janne Ronkanen, Senior Economist | jaro06@handelsbanken.se

Fast Comment Norway — CPI-ATE continues to run below central bank estimates

  1. CPI-ATE was 1.2 percent in March, down from 1.4 percent in February and well below expectations
  2. HCMe and Norges Bank forecast was 1.5 percent in March; consensus was 1.4 percent
  3. Deviation explained by prices for imported consumer goods

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no

Fast Comment Denmark — Exports disappoint again

  1. Exports of goods fell 0.4 percent m-o-m in February; fourth month in a row without improvement
  2. Imports of goods fell 3.4 percent m-o-m; surplus on the trade balance picked up from DKK 5.6bn to 7.0bn
  3. Disappointing that exports do not appear to be benefiting more from improvement in global economy

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment Norway — Slight growth in manufacturing output

  1. Manufacturing output up 0.2 percent in February; weaker than expected
  2. Trend is still positive, but momentum is weaker than expected
  3. Note that some sentiment indicators (PMI) have fallen, signalling reduced momentum

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no

Fast Comment US — Employment disappoints

  1. Payrolls rise by 103,000 people in March; weaker than expected
  2. Unempoyment rate unchanged at 4.1%; wage growth picks up to 2.7% (2.6%)
  3. Weak report does not alter our outlook for three more Fed hikes this year

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk